The Wawa in Margate, Florida is a brand new, 20-Year, triple net (NNN) ground lease with six, five-year renewal options. There are eight percent rental increases every five years in base term and option periods, beginning year 11.
The subject property is located at the intersection of Copans Road and State Road 7, with a combined daily traffic count of more than 90,000 vehicles, and within close proximity to Florida Turnpike, with a daily traffic count of more than 100,000 vehicles. The surrounding area has a population of more than 380,000 within five miles of the subject property.
Margate is a city in Broward County, Florida and has a population of more than 50,000. It is part of the Miami–Fort Lauderdale– Pompano Beach Metropolitan Statistical Area, which is home to more than 5.5 million people. The current population of Broward County is nearly two million, making it the second-most populous county in Florida and the 17th-most populous in the United States.
Wawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey. Today, Wawa is your all day, every day stop for fresh, built-to-order foods, beverages, coffee, fuel services, and surcharge-free ATMs. A chain of more than 750 convenience retail stores (500 offering gasoline), over 100 of those are in Florida. They plan to open 50+ stores per year in 2017 and 2018.