Tallahassee, FL - Wawa

Description:

• Brand new 10-year ground lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• The lease is corporate guaranteed by Wawa, Inc., an investment grade (Fitch: BBB), nationally recognized, and an established convenience store and gas brand with over 1,110+ locations
• The ground lease features 7% rental increases every 5 years and at the beginning of each option, increasing NOI and hedging against inflation
• Wawa merchandise sales per store averaged $7.1M for the year ended 2024 versus an industry average of $2.7M for 2023 (Source: NACS)
• Gasoline sales totaled 3.1 billion gallons for the year 2024, an average of 69,042 gallons sold a week per store, over two times the industry average of 32,726 per store per week in 2023 (Source: NACS)
• Wawa was ranked No. 22 in Forbes 2024 Ranking of America’s Largers

• Located at the signalized, hard corner intersection of Capital Circle NW and Hartsfield Rd averaging a combined 44,800 VPD
• The strong industrial corridor to the East will provide a direct consumer base from which to draw
• This is Wawa’s first location in Tallahassee
• Just South of I-10 (59,000) and just North of Tennessee St (31,700 VPD), two major commuter thoroughfares serving Tallahassee and the surrounding trade areas
• Capital West Shopping Center, located just South of the Wawa, ranks in the 88th percentile (4,341 out of 39,215) of all nationwide shopping centers according to Placer.ai