A brand-new convenience and fueling store that is linked in the minds of many with trips to the Jersey Shore has changed hands as a Wawa in Ocean County officially has new owners.
Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, recently announced the sale of a net-leased Wawa property located in Lakehurst, New Jersey. Located at 604 Pine Street, the Wawa was constructed in 2023 with a 20-year lease and features 16 premium fuel pumps and a state-of-the-art convenience store.
The entire property sold for $6.5 million to an undisclosed buyer. Marcus & Millichap’s Philadelphia office had the exclusive listing to market the property and John Horowitz, Broker of Record in New Jersey, assisted in closing the transaction.
“We’re delighted to announce the closing of this exceptional asset located in Ocean County,” said Derrick Dougherty, Senior Vice President of Investments. “Our team is on the front lines of information as convenience store activity has picked up recently. This marks our third Wawa closing in the last three months.”
The Wawa property is strategically placed at the border of a primary roundabout intersection along Route 70, with daily traffic counts reaching approximately 21,000 vehicles per day. Other nearby national retailers include ShopRite, Lowe’s, and Dollar Tree.
“This is the classic West Coast capital coming to the East Coast to acquire and add a top tier tenant to their portfolio,” said Woodard, Vice President of Investments. “All parties involved should be commended for their professionalism and execution along the way.”
Wawa has long had a huge presence in South Jersey, Delaware, Pennsylvania, and Maryland for many years but have expanded significantly into Northern New Jersey in recent years.
