Press Releases
Marcus & Millichap Facilitates Sale of New Sheetz and Wawa Locations in Richmond Region
January 14, 2025
VIRGINIA, Jan. 14, 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 two new net-leased gas station locations in the Richmond market of Virginia. The transactions include a Sheetz in Chesterfield, which sold for $4.1 million, and a Wawa in Midlothian, which sold for $3,333,333.
“The fourth quarter proved to be the most active quarter for investment sales in 2024,” said Dean Zang, executive managing director investments. “Both transactions came together quickly as buyers and sellers have started to find a middle ground on values again.”
Zang and David Crotts, investment specialists in Marcus & Millichap’s Washington D.C. office, procured the buyers for the unrelated transactions, both to private investors.
The Sheetz, located at 9400 Courthouse Landing Road, occupies 3.24-acres and features a new 15-year ground lease. It occupies the corner parcel of Courthouse Landing, a new 124-acre upscale mixed-use development. This long-awaited project is moving forward and includes an exciting tenant lineup including Panda Express, Panera Bread, Virginia Credit Union, Starbucks, First Bank, and over 480 residential units breaking ground this spring. Sheetz will open in the next 60 days.
The Wawa sale, developed by an unrelated party, is at the intersection of Robius Road and Winterfield Road in Midlothian, adjacent to a new 200-unit apartment community. Several other commercial pads are slated to neighbor it.
“These latest sales illustrate the strong buyer demand for both brands, and the vibrance of the greater Richmond region from investors,” said Crotts, first vice president investments.
“The fourth quarter proved to be the most active quarter for investment sales in 2024,” said Dean Zang, executive managing director investments. “Both transactions came together quickly as buyers and sellers have started to find a middle ground on values again.”
Zang and David Crotts, investment specialists in Marcus & Millichap’s Washington D.C. office, procured the buyers for the unrelated transactions, both to private investors.
The Sheetz, located at 9400 Courthouse Landing Road, occupies 3.24-acres and features a new 15-year ground lease. It occupies the corner parcel of Courthouse Landing, a new 124-acre upscale mixed-use development. This long-awaited project is moving forward and includes an exciting tenant lineup including Panda Express, Panera Bread, Virginia Credit Union, Starbucks, First Bank, and over 480 residential units breaking ground this spring. Sheetz will open in the next 60 days.
The Wawa sale, developed by an unrelated party, is at the intersection of Robius Road and Winterfield Road in Midlothian, adjacent to a new 200-unit apartment community. Several other commercial pads are slated to neighbor it.
“These latest sales illustrate the strong buyer demand for both brands, and the vibrance of the greater Richmond region from investors,” said Crotts, first vice president investments.
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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.
