Provco, Goodman Properties and Pineville Properties purchased a five-building 24,867-square foot retail portfolio on long-term triple net leases with Wawa in Richmond, Virginia, for $35.2 million.
The assets were purchased in a 1031 exchange. JLL Capital Markets, a provider of capital solutions for real estate investors and occupiers, represented the sellers. The Wawa stores in the portfolio are located in Richmond, Glen Allen, Midlothian, and Chester. The stores were built in 2000-2001 and received lease extensions to 20 years.
Wawa is a chain company of more than 850 convenience stores, of which about 600 stores are also gas stations. Wawa is based in Wawa, Pennsylvania, and employs more than 35,000 people. Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C.
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Pearl Wu
Pearl Wu is the editorial Recognition Desk Manager at ALM Media and oversees the administrative aspects of U.S. Legal awards. Please find our upcoming deadlines here.
