Merritt Island, FL - Wawa

Description:

• 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 1,040+ locations
• Brand new 20-year ground lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• The ground lease features 7% rental increases every 5 years starting in lease year 11 and at the beginning of each option period
• Wawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey
• There are 1,043 Wawa stores in the United States as of January 09, 2024

• Wawa is strategically fronting E Merritt Island Causeway, a major retail corridor with many national/credit tenants such as Publix, Macy’s, Starbucks, Walgreens, and more
• 2024 construction that will feature high quality materials, distinct design elements, and high-level finishes
• The site is part of a larger development that features Chipotle, 7-Eleven, El Car Wash, and Christian Brothers Automotive (See page 17 for more)
• Strong tenant synergy promotes crossover traffic to the subject property
• Just West of Merritt Square Mall, a super-regional mall anchored by Macy’s, JCPenney, Sears, and Dillard’s
• Health First has broke ground a seven-story, 120-bed hospital with an adjoining medical office building and wellness village on a 15.05-acre site, across State Road 520 from Merritt Square Mall (See page 17 for more)