Single Tenant Wawa, this is a spin off of a larger Wawa portfolio after an extension was secured with the Tenant.
- JLL is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property, net leased to Wawa, Inc. (the “Property”) in Chester, VA – a suburb of Richmond. The Tenant has been operating at this location since 2002 and recently executed a long-term lease extension, extending the lease to 20 years. The rare, Fee Simple NNN Lease structure enables the Landlord of this property to claim depreciation and cost recovery deductions with respect to the Leased Premises. Further, the lease features 7% rental increases that will commence in Year 11 and continue every 5 years thereafter, inclusive of the five (5), five (5) year renewal options. Lastly, the building was recently renovated, displaying Wawa’s commitment to the location.
- Wawa is operating on a 1.87-acre parcel conveniently situated at the fully signalized corner of Route 10 (Iron Bridge Road) and Currins Road. Route 10 is a main artery in the area that features more than 25,000 VPD and is home to multiple shopping centers. River Forest Shopping center is 1.7 miles to the southeast and is anchored by Walmart, creating a significant customer draw. One mile to the north is Chesterfield Meadows Shopping Center, which features a host of nationally recognized tenants such as Wells Fargo, Wendy’s and Taco Bell. Further, Kroger is directly across the street from the Premises.
- There is rapid growth occurring in Chester, VA. The population, within a 3-mile radius of the Property, has grown more than 25% since 2000. This trend is in part due to the rapid economic development that is occurring in the greater Chesterfield County. There are currently dozens of apartment, hotel and mixed-use developments that are underway (See article: Chesterfield County Commercial Real Estate Development). Additionally, the county has become a hub for the region’s manufacturing and distribution industry because of its centralized location. It is within a one-day haul of approximately 65% of the nation’s manufacturing operations and more than 40% of the nation’s population.
- Wawa, Inc., is a privately held company with a chain of more than 850 convenience retail stores (over 600 offering gasoline). The company employs more than 35,000 people and operates their stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida, and the District of Columbia. Each store offers a large fresh food service selection, such as build-to-order hoagies, freshly brewed coffee, hot breakfast sandwiches, built-to-order specialty beverages, and an assortment of soups, sides and snacks.