Press Releases
Marcus & Millichap Brokers $3.5 Million Sale of Pennsylvania Wawa
March 27, 2024
ROYERSFORD, Penn., March 27, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a net-leased Wawa property located at 451 W. Ridge Pike in Royersford, Penn. The asset sold for $3,500,000.
“The Wawa parcel was the final closing of the overall Ridge Plaza portfolio that occurred withing the last 90 days,” says Scott Woodard, first vice president investments. “The intriguing part of this transaction is that the rent was about 40% under market in today’s environment since it was constructed in 2007.”
Woodard, Colin Reder and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a West Coast based partnership, and procured the buyer, a local Penn. private investor.
“The sellers made a wise business decision to carve off the pads individually from the shopping center to maximize sale proceeds,” adds Reder, associate. “This asset has a tremendous amount of long-term upside and will treat the buyer and his family well for years to come.”
This 5,773-square-foot convenience store and gas station, located in Montgomery County on 1.19 acres, has been successfully operated by Wawa for more than 16 years.
“The Wawa parcel was the final closing of the overall Ridge Plaza portfolio that occurred withing the last 90 days,” says Scott Woodard, first vice president investments. “The intriguing part of this transaction is that the rent was about 40% under market in today’s environment since it was constructed in 2007.”
Woodard, Colin Reder and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a West Coast based partnership, and procured the buyer, a local Penn. private investor.
“The sellers made a wise business decision to carve off the pads individually from the shopping center to maximize sale proceeds,” adds Reder, associate. “This asset has a tremendous amount of long-term upside and will treat the buyer and his family well for years to come.”
This 5,773-square-foot convenience store and gas station, located in Montgomery County on 1.19 acres, has been successfully operated by Wawa for more than 16 years.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
