Wawa Coral Springs, Florida

$7,222,250
Cap Rate: 4.50%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 4.50%
Price: $7,222,250
Rentable Square Feet: 5,636 SF
Annual Rent: $325,000
Price PSF: $1,281.45
Land Area: 1.65 Acres
Year Built: 2019
Lease Guarantor: Corporate
Lease Type: NNN Ground Lease
Lease Term: 20 Years
Option Periods: 6, 5-Year Options
Rent Increases: 7% Every 5 Years Beginning Year 11
Lease Expiration: 1/31/2040 est

7305 West Sample Road
Coral Springs, FL 33065

Investment Highlights

  • New, 20-Year, Ground Lease with Six, Five-Year Renewal Options
  • Seven Percent Rental Increases Every Five Years Throughout Base Term and Option Periods, Beginning Year 11
  • Brand New Location, Currently Under Construction; Scheduled to open Early February 2020
  • Located at the Intersection of Sample Road and Rock Island Road, Combined Daily Traffic Count of 75,000 Vehicles
  • Directly Across the Street from Coral Springs High School, Which had an Enrollment of More Than 2,900 in the 2017-18 School Year
  • Very Strong Demographics – Population of Over 370,000 Within a Five-Mile Radius
  • Surrounding Retailers Include Publix, Aldi, Best Buy, Home Goods, Ross, Burlington, Lowe’s, Advance Auto Parts, Bonefish Mac’s, McDonald’s, Wendy’s, Dunkin Donuts, Tijuana Flats, Cumberland Farms and Many More
  • Two Miles from Seminole Casino and 2.5 Miles from Northwest Medical Center

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand new Wawa located in Coral Springs, FL. Wawas new, 20-year ground lease features six, five-year renewal options and seven percent rental increases every five years throughout the base term and option periods, beginning in year 11. The lease is corporately guaranteed by Wawa, Inc. This is a brand-new location, currently under construction and scheduled to open in early February 2020.

The subject property is located at the intersection of Sample Road and Rock Island Road with a combined daily traffic count of more than 75,000 vehicles. Surrounding national retailers include Publix, Aldi, Best Buy, Home Goods, Ross, Burlington, Lowes, Advance Auto Parts, Bonefish Macs, McDonalds, Wendys, Dunkin Donuts, Tijuana Flats, Cumberland Farms and many more.

The subject property is two miles from Seminole Casino and three miles from Northwest Medical Center. Its also directly across the street from Coral Springs High School, which had an enrollment of more than 2,900 in the 2017-18 school year. Coral Springs is in Broward County, which has a population of 1.9 million. Coral Springs was ranked 94th overall and third in Florida on the 100 Best Places to Live list by Money Magazine.

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