WAWA 20 Year NNN Ground Lease | Brand New Construction

121 N Kings Hwy, Fort Pierce, FL 34945, USA
$4,457,831

Description

Marcus & Millichap is pleased to present for sale this WAWA Convenience Store Ground Lease located at 121 North Kings Highway in Fort Pierce, Florida. Fort Pierce is a city and county seat of Saint. Lucie County, Florida and part of the Treasure Coast region of the Atlantic Coast of Florida.
Nicknamed “Sunrise City,” Fort Pierce has a population of over 46,103 and growing each year. Fort Pierce was named after an Army post built in 1838 during the Second Seminole War. Wawa signed a 20-year ground lease with rent commencing November 21, 2021. Wawa will construct a 6,119 square foot Convenience Store and Gas Station with eight Pumps and 16 Fueling Stations on a large 2.3 Acre Parcel of Land.
There are multiple traffic drivers to this Wawa including its location right off Interstate 95 only half a mile away from Treasure Coast Education, Research & Development Authority (TCERDA) a park planned for 3.3 Million Square Feet of research and advanced manufacturing development and 800 acres of agricultural test fields. The park is anchored by the USDA’s 170,000 square foot Horticultural Research Laboratory and University of Florida’s 90,000 square foot Institute of Food and Agricultural Sciences Research and Education Center.
There are also numerous new home communities in close proximity to this Wawa. Lennar at Bent Creek is a Master-Planned Community located in Fort Pierce with 700 Single family homes and is among the city’s largest subdivisions. GHO Homes-Meadowood is only a few minutes from this property and boasts 269 Homesites on 190 Acres and aa 18-Hole golf course. K. Hovanian Homes Aspire at Waterstone has 25 Sold-out homesites and 30 more available and selling quickly. Ryan Homes at Magnolia Square has 16 Brand new Townhomes. Indian River State College is only minutes from the property and is a public university with 17,511 enrolled students. Also nearby is Emiraza College and Aviator College with over 317 students.
Many recreational opportunities abound near this Wawa including the Atlantic Beaches of the Treasure Coast only 12 miles away. Lakewood Regional County park is nearby with thousands of visitors each year for its beautiful winding trails through 156 Acres and its Manatee Observation Center. Also popular with locals and visitors is the nearby Sunrise Theater (On US National Registry of Historical Places) and The Pineapple Playhouse. Four minutes away from this property is also The Casino at Fort Pierce. WAWA is an American chain of convenience stores and gas stations located along the East Coast of the United States operating in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Washington DC and Florida. WAWA’s annual revenue is about $13 Billion with more than 900 locations with 31,000 Employees.

  • New 20-Year Ground Lease | Rent Commences November 2021
  • Kings Highway Which Fronts the Property is Undergoing a $45 Million Improvement by FDOT and Includes Boulevard with Turn Lanes, Bike Lanes, New Stormwater System with Shoulder
    Improvements
  • Located Half Mile from Treasure Coast Education, Research & Development Authority (TCERDA) a Park Planned for 3.3 Million Square Feet of Research and Advanced Manufacturing
    Development and 800 Acres of Agricultural Test Fields. Anchored by USDA Food’s 170,00 SF Laboratory
  • Busy Highway Location at the Orange Avenue Exit West of I-95
  • Located at the Hard Corner Signalized Intersection of Kings Highway and Orange Avenue
  • Wawa Has More than 900 Locations with Annual Revenues Exceeding $13 Billion per Year

Property Documents

  • City: Fort Pierce
  • State/county: Florida
  • Zip/Postal Code: 34945
  • Country: United States

Detail

  • Price: $4,457,831
  • Year Built: 2021

Additional details

  • CAP RATE: 4.15%
  • NOI: $185,000

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