Altamonte Springs, FL - Wawa

Description:

• The lease is guaranteed by Wawa, Inc., an investment grade (Fitch: BBB), nationally recognized, and an established convenience store and gas brand with over 1,080+ locations
• 9 years remaining with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• The ground lease features 5% rental increases every 5 years and at the beginning of each option period

• Wawa is located at the signalized, four-way intersection at E Altamonte Dr and Storage Pt averaging 57,500 VPD
• Ideally positioned just West off US Hwy 17/92 averaging 66,000 VPD
• The surrounding retailers include ALDI, Chick-fil-A, Lowe’s, and more
• Just East of the Altamonte Mall, which is set to receive an estimated $1B of funding for additional development and a self-driving rapid transit system
• Just West of the subject property, “Phoenicia Development submitted plans for a 234-unit apartment building located on a 3.7-acre property. The building, as proposed, would consist of a 5-story apartment building and a 5-story parking garage with 410 parking spaces. There would be a 10,000-square-foot restaurant space fronting Cranes Roost Boulevard, and a 9,500-square-foot leasing center and clubhouse area off Uptown Boulevard”
• Part of a larger development that features a CubeSmart Self Storage facility