Louisville, KY - Wawa

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, Wawa investment property located in Louisville, KY. The tenant, Wawa, Inc., recently signed a brand new 20-year lease with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases in the 11th and 16th year of the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

The Wawa is located near the signalized, hard corner intersection of State Highway 61 and Cooper Chapel Road which average a combined 53,000 vehicles passing by daily. State Highway 61 is a major retail thoroughfare serving the city of Louisville. The asset is 4 miles from Jefferson Mall, a 750,000+ square foot mall featuring tenants such as Dillard’s, JCPenny, Ross, American Eagle, Victoria’s Secret, H&M and more. In addition, the subject property is in close proximity to the Festival at Jefferson Court, a 212,545 square foot shopping center with national/credit tenants including Kroger, T.J. Maxx, Petsmart, Sleep Outfitters, Wingstop, and Boot Barn, among others. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Home Depot, Meijer, Chick-fil-A, Walgreens, Best Buy, Taco Bell, CVS, and more, further increasing consumer traffic to the site. The subject property is in close proximity to Southern High School with a student population of over 1,300. The 5-mile trade area is supported by a population of over 134,000 with an average household income of $87,929.