Agree Realty Buys Wawa’s Flagship Philly Store

PHILADELPHIA—Agree Realty Corp., which is headquartered in Bloomfield Hills, MI, has acquired Wawa’s flagship store in Philadelphia located on the ground floor of the Public Ledger Building here.

The firm purchased the Wawa store, which first opened its doors on Dec. 14, 2018 for approximately $15 million. The 11,500-square-foot store is the largest in Wawa’s chain and includes a bakery, merchandise, and an expanded selection of Wawa’s Reserve coffee line. CBRE’s Matthew Gorman, Jerry Kranzel, Michael Shover and Robert Fahey represented the seller, Carlyle Development Group, and procured the buyer during the transaction.

The Public Ledger building is located at the corner of 6th and Chestnut streets in Center City and near several notable historic sites, including the Liberty Bell, Independence Hall and Congress Hall.

“We are extremely pleased to announce the addition of Wawa’s flagship store to our expanding portfolio,” says Joey Agree, president and CEO of  Agree Realty Corp. “This acquisition demonstrates our differentiated capabilities to identify unique opportunities that further solidify our best-in-class net lease portfolio.”

In the first quarter financial announcement on April 22, Agree said that the company was increasing its full year acquisition guidance to a range of $450 million to $500 million.

“While increasing our acquisition guidance, we remain intently focused on further solidifying the highest quality retail net lease portfolio in the country,” he said.

As of March 31, 2019, the company’s portfolio consisted of 694 properties located in 46 states totaled 11.9 million square feet of gross leasable space.

The portfolio was approximately 99.7% leased, had a weighted-average remaining lease term of approximately 10.2 years, and generated approximately 52.4% of annualized base rents from investment grade retail tenants or parent entities.