Five Richmond-area Wawa locations sell for $35.2M collectively
Buildings leased by convenience retail chain encompass 24,867 square feet
Five Wawa locations in the Richmond area have collectively sold for $35.2 million, JLL Capital Markets announced Monday.
The buildings leased by Wawa Inc. encompass 24,867 square feet. The sale includes five Wawa locations in Chesterfield and Henrico counties: 6001 Iron Bridge Road in Chesterfield County; 8800 Brook Road in Glen Allen; 3840 N. Bailey Bridge Road in Midlothian; and 600 E. Hundred Road and 11021 Iron Bridge Road in Chester.
Based in Pennsylvania, Wawa has more than 850 convenience retail stores across Virginia, Pennsylvania, New Jersey, Delaware, Maryland, Florida and Washington, D.C.
A joint venture partnership among Provco, Goodman Properties and Pineville Properties sold the property to an undisclosed buyer. JLL Capital Markets did not disclose the buyer name, and property records have yet to be updated to reflect the change of ownership.
JLL Capital Markets Managing Director Marc Mandel, Director Steve Schrenk and Senior Directors Jordan Lex and Chris Hew represented the seller in the transaction. The buyer purchased the properties through a 1031 exchange transaction, which allows the seller to avoid paying capital gains taxes when selling an investment and reinvesting the proceeds in another property of like kind or greater value.
“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 in a statement. “The buyer was comfortable due to the essential, necessity-based tenancy of Wawa, along with the gas/convenience store sector as a whole.”
Patrick Luther of SRS Real Estate Partners and Phil Sambazis of Marcus and Millichap represented the buyer.