A new Wawa food market and gas station which is under construction in Egg Harbor City, Atlantic County, New Jersey, was recently sold for $6,967,033.
Located at 600 White Horse Pike near Route 50, also known as Philadelphia Avenue, the property will include nearly 5,585 square feet of newly constructed retail space on 3.64 acres. A triple net ground lease with Wawa includes an initial 20-year term with multiple renewal options and future rent increases.
The buyer, The Kamson Corporation, was represented by The Kislak Company’s chief operating officer Jason Pucci and senior vice president Justin Lupo. The seller was undisclosed.
“This purchase was an excellent opportunity for Kamson,” said Mr. Pucci. “It marked the completion of a three-property I.R.C. Section 1031 Exchange in New Jersey from an older apartment complex into this well-located NNN Wawa, which is a strong tenant, with zero landlord responsibilities, and another new NNN Wawa in northern New Jersey that Kamson purchased last year.”
The new Wawa’s opening is scheduled for later this year.