A net-leased Wawa property in the heart of Middlesex County has fetched an impressive sale price just about a year after opening its doors.
Marcus & Millichap recently announced the sale of 1095 Route 1 in Edison, an address that’s home to a 5,585-square-foot Wawa convenience store plus a fuel service area. The asset sold for $8,823,000 after multiple bids, according to the team of Alan Cafiero, Brent Hyldahl, and Vincent Pennino, Marcus & Millichap, who represented the seller in the transaction.
“We saw strong interest from private and 1031 buyers nationwide, which drove a very competitive bidding environment,” said Cafiero, Senior Managing Director of Investments at Marcus & Millichap. “Wawa’s proven performance, combined with the site’s location in Edison, allowed us to deliver a best-in-class execution for our client at a strong price.”
The Wawa in Edison sits on a 3.02-acre parcel at the intersection of U.S. Route 1 and Interstate 287 and is subject to a 20-year absolute net ground lease with Wawa Inc. The facility is located at the entrance to the Edison Crossroads Shopping Center and is seen by more than 95,000 vehicles per day on Route 1.
