Marcus & Millichap : Announces Sale of Milestone Wawa Location in New Jersey

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Marcus & Millichap Announces Sale of Milestone Wawa Location in New Jersey

May 09, 2024

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OAKYLN, N.J., May 9, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a net-leased Wawa property in Oaklyn, New Jersey. The site marked Wawa's 1,000th store upon its opening in March 2023. The property sold for $6,250,000.

"We are proud to have had the opportunity to represent the seller of this property, a reputable convenience store developer in New Jersey," said Derrick Dougherty, senior vice president investments. "This sale truly showed an amazing example of collaboration between all parties involved. We extend our sincere appreciation to TD Bank for their instrumental role in making this closing a success."

Dougherty, Mark Krantz, Scott Woodard and Colin Reder, investment specialists in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the sellers, local convenience store developers, and procured the buyer, a local hotel and retail investor. John Horowitz, Broker of Record in New Jersey, assisted in closing the transaction.

"With a focus on streamlining our client's portfolio, we strategically shifted their investment from a management-intensive asset to a more passive investment, aligning with their goal for long-term stability and growth," said Woodard, first vice president investments. "Wawa is recognized as an industry leader and has solidified its reputation in this submarket, proven by their extensive growth over the past few years and recent relocation from their nearby legacy store to this current site."

Located at 1006 White Horse Pike on 1.92 acres, the Wawa is a new 2023 prototype store featuring a 5,051-square-foot convenience store and six fueling stations. The site is home to the recent relocation of a "non-gas" legacy Wawa store just two blocks west of the current location. The asset is eight miles outside of Philadelphia on the White Horse Pike, receiving visibility from 18,629 vehicles per day.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.