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Wawa Ground Lease, Odessa, FL

Wawa Ground Lease

Odessa, FL

Price $4,556,000
Cap Rate 4.50%
NOI $205,000
Lease Term 20 Years
Lease Type Absolute NNN, with Tenant Responsible for all Taxes, Insurance, Utilities, and Maintenance
Rental Increases 8% Rental Increase in Year 11 and Every Five (5) Years Thereafter
Year Built 2019
Building Size 6,119 SF
Lot Size 2.25 Acres (98,010 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

LONG-TERM ABSOLUTE NNN GROUND LEASE WITH CORPORATE GUARANTY
» New 20-year absolute NNN ground lease with scheduled rental increases, providing a hedge against inflation
» Corporate guaranty from Wawa, Inc., ranked #25 on the Forbes Largest Private Companies List
» No landlord obligations – ideal no-management investment for an out-of-area investor

HIGH-TRAFFIC LOCATION NEAR MAJOR RETAILERS
» Located just past the signalized intersection of State Road 54 and Trinity Boulevard, with excellent visibility and access to 79,900 vehicles per day
» Part of Trinity Lakes Crossing, a new retail development which will include notable tenants like Hampton Inn, ABC Fine Wine & Spirits, Starbucks, Burger King, Express Oil Change, Trinity Car Wash, Achieva Credit Union, and more
» Direct access to the Shoppes at Trinity Lakes, a Publix-anchored shopping center that also features Orangetheory Fitness, Moe’s Southwest Grill, Mathnasium, Hair Cuttery, Verizon, and Wendy’s
» Other major retailers located near the property include Walmart Supercenter, CVS, Anytime Fitness, Buffalo Wild Wings, and McDonald’s

HIGH-GROWTH, AFFLUENT TRADE AREA
» Area around the property is developing rapidly, with several commercial and residential projects underway near the site
» Directly across from Starkey Ranch, a 2,500-acre community planned for over 5,000 homes, a 20-mile trail system, 150 acres of parks, a K-8 school, a public library, a community theater, a business park, and a commercial center
» Between 2010 and 2018, the population within one mile of the property grew more than 137%, and more growth is predicted
» Area is expected to have 22,575 new residential units by the end of 2019
» In total, 47,775 residential units are expected to be built out by the end of 2022 within the property’s immediate trade area, increasing the population by an estimated 143,325 people
» Average household income of $94,694 within a three-mile radius of the property

Click Here to Download Offering Memorandum


Property Description

The property is strategically located just past the signalized intersection of State Road 54 and Trinity Boulevard, with excellent visibility and access to 79,900 vehicles per day. The property is part of Trinity Lakes Crossing, a new retail development which will include notable tenants like Hampton Inn, ABC Fine Wine & Spirits, Starbucks, Burger King, Express Oil Change, Trinity Car Wash, Achieva Credit Union, and more. Trinity Lakes Crossings has direct access to the Shoppes at Trinity Lakes, a Publix-anchored shopping center that also features Orangetheory Fitness, Moe’s Southwest
Grill, Mathnasium, Hair Cuttery, Verizon, and Wendy’s. The property is also close to Mitchell Ranch Plaza, which has more than 40 stores and services, including Target, Ross, Marshalls, PetSmart, and Pier 1 Imports. Other major retailers located near the property include Walmart Supercenter, CVS, Anytime Fitness, Buffalo Wild Wings, and McDonald’s.

The area around the property is developing rapidly, with several commercial and residential projects underway near the site. The property is directly across from Starkey Ranch, a 2,500-acre community planned for over 5,000 homes, a 20-mile trail system, 150 acres of parks, a K-8 school, a public library, a community theater, a business park, and a commercial center. Another mixed-use community, Asturia, is located nearby. Once completed, Asturia will have 670 single family homes, 200 townhomes, 440 luxury apartments, and approximately 18 acres of retail, office, and commercial development. Between 2010 and 2018, the population within one mile of the property grew more than 137%, and more growth is predicted. The area is expected to have 22,575 new residential units by the end of 2019. In total, 47,775 residential units are expected to be built out by the end of 2022 within the property’s immediate trade area, increasing the population by an estimated 143,325 people. Additionally, the property is located in an affluent area, with an average household income of $94,694 within a three-mile radius.

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