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Marcus & Millichap Inc.
10/28/2024 | Press release | Distributed by Public on 10/29/2024 10:21
Marcus & Millichap Facilitates Sale of Net-Leased Wawa Location in Northern New Jersey
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Marcus & Millichap Facilitates Sale of Net-Leased Wawa Location in Northern New Jersey
October 28, 2024
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WAYNE, N.J., Oct. 28, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a net-leased Wawa location in Wayne, New Jersey. The property sold for $6,655,052.
"This is a high-quality location in one of Northern New Jersey's strongest retail submarkets," said Dean Zang, executive managing director investments. "Wawa thrives here with robust traffic counts of 69,000 vehicles per day."
Zang and David Crotts, investment specialists in Marcus & Millichap's Washington D.C. office, secured the exclusive listing for Marcus & Millichap to market the property on behalf of the seller, and procured the buyer, a Maryland-based private investor. John Horowitz, Broker of Record in New Jersey, assisted in closing the transaction. This transaction represents the 71st Wawa sale that Zang and Crotts have facilitated in their brokerage careers.
Located along NJ-23, the Wawa is a newly constructed 2023 build with a 20-year corporate ground lease. The property features a 4,736-square-foot store and eight fueling pumps. The 5.89-acre parcel offers high visibility and frontage along Route 23. Located 20-miles from Midtown Manhattan, this asset is located within one of northern New Jersey's premier retail markets that serves as both a bedroom community of New York City and regional commercial hub of North Jersey.
"This is a high-quality location in one of Northern New Jersey's strongest retail submarkets," said Dean Zang, executive managing director investments. "Wawa thrives here with robust traffic counts of 69,000 vehicles per day."
Zang and David Crotts, investment specialists in Marcus & Millichap's Washington D.C. office, secured the exclusive listing for Marcus & Millichap to market the property on behalf of the seller, and procured the buyer, a Maryland-based private investor. John Horowitz, Broker of Record in New Jersey, assisted in closing the transaction. This transaction represents the 71st Wawa sale that Zang and Crotts have facilitated in their brokerage careers.
Located along NJ-23, the Wawa is a newly constructed 2023 build with a 20-year corporate ground lease. The property features a 4,736-square-foot store and eight fueling pumps. The 5.89-acre parcel offers high visibility and frontage along Route 23. Located 20-miles from Midtown Manhattan, this asset is located within one of northern New Jersey's premier retail markets that serves as both a bedroom community of New York City and regional commercial hub of North Jersey.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.