Brand New Construction Wawa 20 Year NNN Lease

4700 SOUTH STATE ROAD 7, HOLLYWOOD, FLORIDA, 33314
$7,741,935

Description

Marcus & Millichap is pleased to exclusively offer for sale a brand new Wawa Ground Lease located at 4700 South State Road 7 in Hollywood, Florida. Wawa recently signed a 20 year ground lease with eight percent increases every five years starting in Year 11 of the base term and in each of the six (five-year) option periods.
This Wawa will have a 5,636 Square Feet convenience store that sits on a large 1.59-acre-parcel on the busy signalized intersection of State Road 7 and Griffin Road. Combined traffic counts exceed 84,000 vehicles per day. This is a dense, affluent market, with a full time population exceeding 344,171 and an average household income $69,168 annually. Wawa is set to open for business in February 2020.
Wawa is a chain of more than 800 convenience retail stores with over 500 sites offering gasoline as well. Wawa’s revenue was approximately $9.68 billion in 2016 and they are the 36th largest privately-owned company in the United States.

  • Corporate Guaranteed Wawa: 20 Year Absolute NNN Ground Lease With Six (5 Year) Renewal Options
  • Brand New Construction – Opening Slated for February 2020
  • Located 5 Minutes away from the Hard Rock Hotel & Casino in Hollywood which is undergoing a $1.5 Billion Expansion
  • Favorable 8% Rental Increases Every Five Years Starting in Year 11
  • Situated at the Griffin Road Exit of the Florida Turnpike which is a main thoroughfare to get to the Hard Rock Casino (Undergoing $1.5 Billion Expansion)
  • Wawa is a Chain of more than 800 Convenience Retail Stores
  • Features Easy Access and Visibility, Hard Corner Signalized Intersection to Traffic Counts Exceeding 84,000 Vehicles Per Day
  • Excellent Demographics; Over 344,171 People in a Five Mile Radius
  • Florida Has No State Income Tax

Property Documents

  • City: Hollywood
  • State/county: Florida
  • Zip/Postal Code: 33314
  • Country: United States

Detail

  • Price: $7,741,935

Additional details

  • CAP Rate: $360,000
  • NOI: 4.65%

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