A convenience and gas franchise that has greatly expanded into North Jersey in recent years has sold one of their newest locations as a Wawa in Passaic County has changed hands.
Marcus & Millichap recently announced the sale of a net-leased Wawa location in Wayne, New Jersey. The property sold for $6,655,052 to a Maryland-based private investor after being listed through the brokerage.
“This is a high-quality location in one of Northern New Jersey’s strongest retail submarkets,” said Dean Zang, executive managing director at Marcus & Millipchap. “Wawa thrives here with robust traffic counts of 69,000 vehicles per day.”
Zang and David Crotts, investment specialists in Marcus & Millichap’s Washington D.C. office, marketed the property on behalf of the seller and procured the buyer. The transaction is familiar for the pair, as it represents the 71st Wawa sale that Zang and Crotts have facilitated in their brokerage careers.
Located along the major retail corridor of Route 23, the Wayne Wawa was completed in 2023 and sports a 20-year corporate ground lease. The property features both a 4,736-square-foot store and eight fueling pumps.
The 5.89-acre parcel offers high visibility and is situated about 20-miles from Manhattan. Wawa has had a huge presence in South Jersey, Delaware, Pennsylvania, and Maryland for many years but have grown significantly into Northern New Jersey in recent years.
The transaction involving the Wayne Wawa comes just months after the sale of another newly constructed Wawa in the Ocean County town of Lakehurst, which went for a similar amount of $6.5 million.
