Wawa Miami,Florida

$9,443,500
Property type:Single-Tenant Net Lease

The space

  • Price: $9,443,500
  • Annual Rent: $425,000
  • Rentable Square Feet: 6,119
  • Land Area: 1.22 Acres
  • Year Built: 2020
  • Lease Type: NNN Ground Lease
  • Lease Term: 20 Years
  • Lease Expiration: 3/14/2040

Description

590 N.E. 167th Street
Miami, Florida 33162

Investment Highlights

  • New, 20-Year, Triple Net (NNN) Ground Lease with Six, Five-Year Renewal Options
  • Eight Percent Rent Increases Every Five Years Beginning Year 11
  • Brand New Location, Opened on June 25, 2020
  • Population Over 500,000 Within a Five-Mile Radius
  • Within Close Proximity to Interstate 95 with a Daily Traffic Count of More Than 178,000 Vehicles
  • Surrounding National Retailers Include Walmart Supercenter, Home Depot, Publix, Aldi, Rent-A-Center, Krispy Kreme, Taco Bell, McDonald’s, Popeyes, Dunkin’ Donuts, Starbucks, Bank of America, Chase Bank, Advance Auto Parts, Pep Boys, Walgreens, CVS and Many More

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Wawa, currently under construction in Miami, 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. The lease is corporately guaranteed by Wawa, Inc. This is a brand-new location and opened on June 25, 2020.

The demographics in the immediate area are very strong, with the population over 500,000 within a five-mile radius of the property. The subject property is located at the signalized intersection of 167th Street and 6th Avenue with a combined daily traffic count of 89,000 vehicles. Surrounding national retailers in the area include Walmart Supercenter, Home Depot, Publix, Aldi, Rent-A-Center, Krispy Kreme, Taco Bell, McDonald’s, Popeyes, Dunkin’ Donuts, Starbucks, Bank of America, Chase Bank, Advance Auto Parts, Pep Boys, Walgreens, CVS and many more.

The subject property is within close proximity to Interstate 95 which has a daily traffic count of 178,000 vehicles. This Wawa is one mile from Jackson North Medical Center, a 382-bed acute care center serving North Miami-Dade and South Broward counties. It is also four miles from Hard Rock Stadium, home to NFL’S Miami Dolphins, and recently hosted the Super Bowl LIV. Miami is the most populous city in Miami-Dade County with slightly more than 443,000 residents. The Miami metro area has a population of roughly 6.1 million people.

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