720 Woodlake Dr
Chesapeake, VA 23320
Wawa · Retail Property For Sale

Marcus & Millichap is proud to present this Wawa gas & convenience store located at 720 Woodlake Drive in Chesapeake, Virginia. The existing lease is the original 20-year absolute triple net ground lease with almost 7 years remaining. The initial term of the lease contains 2% annual increases and four. five-year renewal options, with annual rental increases as well. The tenant fully remodeled the location in 2016, putting roughly 1.6 million dollars into the store at their expense. The remodel included taking the interior down to the studs, replacing cabinetry, fixtures, flooring, any HVAC issues, and exterior structural work, including adding a dormer roof and redoing the siding. The seller is willing to sell on land contract with 25 percent down at 4.5 percent interest over 30 years, with a balloon payment in 7 years. Call agent for more information. The subject property is located on Woodlake Drive, just down from the intersection with Greenbrier Parkway. The location has great traffic flow with Woodlake Drive servicing about 18,000 vehicle per day and Greenbrier Parkway seeing over 53,000 vehicles per day. The intersection is also about a quarter mile from Interstate 64 (Hampton Roads Beltway). The surrounding area is filled with multiple hotels, retail strips, car dealerships, offices, and the local Indian River High School. The high traffic volume and supporting area made this such a thriving location that Wawa recently elected to tear down and rebuild the location to their newest format. Chesapeake is one of the fastest growing locations in the Norfolk- Virginia Beach MSA. Extending all the way from the rural border with North Carolina to the harbor area of Hampton Roads adjacent to the cities of Norfolk, Portsmouth, Suffolk, and Virginia Beach, Chesapeake is located on the Atlantic Intracoastal Waterway and has miles of waterfront industrial, commercial and residential property. Six major colleges and universities are located within the MSA, with annual enrollments of more than 75,000 students, including Old Dominion University, Tidewater Community College and Norfolk State University.