Wawa Hialeah, Florida

$8,555,500
Cap Rate: 4.50%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 4.50%
Price: $8,555,500
Rentable Square Feet: 6,141
Annual Rent: $385,000
Land Area: 1.32 Acres
Year Built: 2021
Lease Guarantor: Wawa, Inc.
Lease Type: NNN Ground Lease
Lease Term: 20 Years
Option Periods: 6, 5-Year Option Periods
Rent Increases: 8% Every 5 Years
Lease Expiration: 2/28/2041

2901 West 16th Avenue
Hialeah, FL 33012

Investment Highlights

  • New, 20-Year, NNN Ground Lease with Six, Five-Year Renewal Options
  • Eight Percent Rent Increases Every Five Years Beginning Year 11
  • Brand New Location; Scheduled to Open in Early 2021
  • Part of a New Mixed-Use Development Including Retail and a 260-Unit Apartment Community
  • Population Over 400,000 Within a Five-Mile Radius
  • Located at the Signalized Intersection of West 16th Avenue, West 29th Street and Okeechobee Road with a Combined Daily Traffic Count of More Than 87,000 Vehicles
  • Within Close Proximity to Palmetto Expressway, a Major Roadway in the Area With More Than 275,000 Vehicles Daily

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Wawa, currently under construction in Hialeah, Florida. This Wawa offers a new, 20-year, triple net ground lease. The lease features six, five-year renewal options with eight percent rent increases every five years beginning year 11. This Wawa is a gas station and convenience store with corporately guaranteed lease by Wawa, Inc. This is a brand-new location, scheduled to open in early 2021.

The subject property is part of a new, mixed-use development that includes a 260-unit apartment community and retail, scheduled for completion in 2021. This new Wawa is one mile from Westland Mall, with other surrounding national retailers including Walmart Supercenter, Home Depot, Staples, Lowe’s, Target, Best Buy, LA Fitness, BJ’s Wholesale, Dollar General, T-Mobile, Tire Kingdom, Applebee’s, Arby’s, McDonald’s, Burger King and many more.

The demographics and traffic counts in the immediate area are strong, with the population over 400,000 within a five-mile radius of the property. The subject property is located at the signalized intersection of West 16th Avenue, West 29th Street and Okeechobee Road, with a combined traffic count of more than 87,000 vehicles. This Wawa is also within close proximity to Palmetto Expressway which is a major roadway that runs through Hialeah and Miami and has a traffic count of more than 275,000 vehicles.

The subject property is one mile from Miami Dade College Hialeah campus, and six miles from Miami International Airport, the third busiest airport in America for international passengers and is the top U.S. airport for international freight. The city of Hialeah is the sixth largest municipality in Florida, and it serves over 224,000 residents. Hialeah is part of the Miami Metropolitan Statistical Area with a population of more than 2.7 million.

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