SRS National Net Lease Group Completes Sale of Two South Florida Wawa Convenience Stores
The $11.575 million sale of Wawa in Hialeah Gardens reportedly marks the highest price paid in Florida
SRS Real Estate Partners’ National Net Lease Group (NNLG) recently finalized the sale of two South Florida Wawa convenience stores and gas stations, including an under-construction Wawa at 7878 NW 103rd St. in Hialeah Gardens and a newly-built Wawa at 6191 N. Powerline Rd. in Fort Lauderdale.
SRS NNLG Executive Vice President and Florida Market Leader Patrick Nutt represented the seller in both transactions. Ferber Co sold the 6.119-square-foot Hialeah Gardens Wawa for $11.575 million to the buyer HialeahWW, LLC. Brightwork Real Estate sold the 5,991 square-foot Fort Lauderdale Wawa location for $10.75 million to the buyer Powerline Wawa LLC.
Nutt has specialized in handling Wawa sales across the country and these latest deals mark a total of 17 Wawas already sold in 2021 by Nutt. Wawa, Inc. is a privately-held company that began in 1803 as an iron foundry in New Jersey. A chain of more than 900 convenience retail stores with more than 35,000 associates, Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington DC.
“Both of these sales represent generational real estate for their new owners,” Nutt says. “They are dense, in-fill locations with tremendous traffic counts immediately proximate to interstates and other factors driving customer traffic. Wawa’s willingness to pay their highest rent ever in Florida is proof of how well they expect to perform in Hialeah Gardens.”
The Fort Lauderdale location includes a new 20-year term lease. The 2.57-acre site is at the intersection of Powerline Rd. and W. Cypress Creek Rd., averaging a combined 100,000 vehicles passing by daily. This Wawa features 10 pumping stations. The Hialeah Gardens location sits on 1.52 acres at the hard corner intersection of NW 103rd St. and NW 79th St. averaging over 60,000 vehicles per day.