Wawa is operating on a 2.31-acre parcel conveniently situated at the fully signalized corner of North Bailey Bridge Road and US-360 (Hull Street Road). There is tremendous traffic density around the site due to two, major highways. US-288, which carries more than 58,000 VPD, runs parallel to the location and US-360, a main artery in the area that features more than 46,000 VPD, borders the Wawa site. There are also multiple shopping destinations on either side of the Property along US-360. Chesterfield Crossing Shopping Center, a 250,000+ SF Walmart-anchored center, is just 0.8 miles away and features other national tenants such as The Home Depot, PetSmart, Chick-fil-A, Chili’s Grill & Bar, and IHOP. A Food Lion-anchored shopping center, Genito Crossing is one mile away, and is situated across the street from Victorian Square. Victorian Square is home to larger tenants such as Ashley Homestore, Planet Fitness and Gabe’s. This combination of high traffic counts and multiple surrounding retailers bodes extremely well for this Wawa property.
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 Midlothian, 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 attractive, 7% rental increases that will commence in Year 11 and continue every 5 years thereafter, inclusive of the remaining five (5), five (5) year renewal options. The building was recently renovated, displaying Wawa’s commitment to the location.