 |
 |
| Marc Mandel |
PHILADELPHIA,
PA – JLL Capital Markets announced it
has closed the $35.2 million sale of a five-building retail portfolio totaling 24,867 square
feet on long-term, triple net leases with Wawa in Richmond, Virginia, markets.
JLL
represented the seller, a joint venture partnership between Provco,
Goodman Properties and Pineville Properties. The buyer purchased the assets in
a 1031 exchange transaction.
Wawa,
Inc., is a privately held company based in Wawa, Pennsylvania, with a chain of
more than 850 convenience retail stores, more than 600 of which offer gasoline.
 |
| Steve Schrenk |
The
company employs more than 35,000 people and operates its stores in
Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington,
D.C.
The
portfolio comprises properties at 6001 Iron Bridge Rd. in Richmond; 8800 Brook
Rd. in Glen Allen; 3840 N. Bailey Bridge Rd. in Midlothian; and 600 E Hundred
Rd. and 11021 Iron Bridge Rd. in Chester.
Completed
between 2000 and 2001, each store is in a high-traffic area with strong
demographics and recently received lease extensions to 20 years.
 |
| Jordan Lex |
The JLL
Capital Markets Net Lease team representing the seller was led by Managing
Director Marc Mandel and Director Steve Schrenk along with Senior
Directors Jordan Lex and Chris Hew.
This
transaction came together and successfully closed amid the COVID-19 pandemic,
which speaks to the strength of Wawa as a tenant as well as the quality of real
estate for these assets.
“We
launched the portfolio in the third week of March during the height of the
shutdown and quickly selected a 1031 investor for the entire portfolio,” Mandel
said.
 |
| Chris Hew |
“The buyer was comfortable due to the
essential, necessity-based tenancy of Wawa, along with the gas/convenience
store sector as a whole."
“We
continue to see strong demand through this time for properties with good real
estate fundamentals and high-quality, essential retailers where pricing has
remained relatively the same for many of these assets,” Schrenk added.
“There was a flurry of 1031 money in the
market during the second quarter through the extended July 15th 1031 exchange
deadline, and that was evident here with the portfolio sale.”
 |
| Patrick Luther |
The
buyer was represented by Patrick Luther of SRS Real Estate Partners and Phil
Sambazis of Marcus and Millichap.
JLL Capital Markets is a full-service global provider of
capital solutions for real estate investors and occupiers.
The firm's in-depth
local market and global investor knowledge delivers the best-in-class solutions
for clients — whether investment advisory, debt placement, equity placement or
a recapitalization.
 |
| Phil Sambazis |
The firm has more than 3,700 Capital Markets specialists
worldwide with offices in nearly 50 countries.
CONTACT:
Kimberly
Steele
JLL Senior Associate
Public Relations
Phone: +1 713 852 3420
No comments:
Post a Comment