TOWSON, MD–A buyer from the New York metro with family ties to nearby Towson University has scooped up a newly-opened Wawa here for $7.48 million, one of the highest-priced Wawa deals in the Mid-Atlantic region, according to Marcus & Millichap, which brokered the 1031 exchange deal.
Dean Zang, senior managing director of investments in Marcus & Millichap's Washington, DC office, had the exclusive listing to market the property on behalf of the seller, a related entity to Buccini Pollin Group.
The Wawa is located along East Joppa Road at the site of the former Northrop Grumman facility. It is part of the new Loch Raven Commons mixed-use development, a project that is approximately nine acres and includes the Wawa outparcel, 209 apartments, and additional retail shop space that is also being developed by Buccini Pollin Group.
“This transaction represents our 32nd Wawa sale as a team,” Zang says in a prepared statement. He adds that the deal closed on the final day of the buyer's 1031-exchange period.
The property traded at a strong cap rate, despite the price point, Zang also said.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
