College Park, MD - 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, ground leased Wawa investment property located in College Park, Maryland. The tenant, Wawa has over 16 years of lease term remaining with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout 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 intersection of Baltimore Avenue and Interstate 95/495 which combine to average over 234,000 vehicles passing by daily. Baltimore Avenue is a major retail thoroughfare serving the city of College Park. The Wawa is an outparcel to an IKEA anchored center that also features national/credit tenants including Chipotle, Dunkin’, Buffalo Wild Wings, Verizon, Truist Bank, Tropical Smoothie Cafe, and FedEx. In addition, the asset is located near College Park Market Place, a Home Depot and Shoppers Grocery anchored center that also includes a Starbucks and ATI Physical Therapy. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Costco, McDonald’s, ALDI, Panera Bread, Dollar Tree, and more, further increasing consumer traffic to the site. The site is located 3 miles from the University of Maryland, which has over 41,725 enrolled students. The 5-mile trade area is supported by a population of over 363,200 residents and 164,300 employees with an average household income of $124,267.