2 N White Horse Pike
Somerdale, NJ 08083
Wawa | 10% Increases Every 5 Years! · Retail Property For Sale

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer a ground leased Wawa opportunity in Somerdale, New Jersey. The Tenant, Wawa, Inc., is subject to a new 20-year NNN ground lease in a highly dense retail corridor. The corporately guaranteed lease features 10 percent rental increases every five years in the base term and six, five-year option periods. In terms of credit, Wawa was recently rated as “BBB” by Fitch, or investment grade, and operates over 700 locations in the Mid-Atlantic and Florida. The Property is strategically located at the signalized intersection of East Somerdale Road and South White Horse Pike, which averages more than 44,200 vehicles per day. Wawa selected this site as it has a successful, non-gas legacy store in proximity, and the company saw a void in the market for gas. Wawa’s next closest gas location is nearly 2.5 miles to the north in Barrington and in a market of this density, the company believes there is significant opportunity. Wawa occupies a newly constructed 5,051 square-foot convenience store with 6 gas pumps. Situated upon 1.68 acres, the site backs up to a dense cluster of single-family residential and neighbors retail uses. The property is adjacent to an AT&T wireless store and in proximity to a United States Postal Service, Dunkin’ Donuts, Dollar Tree, Aldi and two regional power centers. The Property is located one-mile southwest of Voorhees Town Center, a 719,233-square-foot regional mall anchored by Boscov’s, and one-mile southeast of Cooper Towne Center, 564,813-square-foot center which boasts a powerful line-up including anchor tenants Walmart, Cinemark and LA Fitness. Somerdale is a borough in Camden County, New Jersey, bordered by notable municipalities Cherry Hill, Gloucester Township and Voorhees Township. Located 14 miles southeast of Philadelphia, Somerdale is an exceptionally dense submarket with 101,500 people within three miles and more than 242,000 within five miles of the subject property, while the Average Household Income level is $84,991 and $93,235 respectively.