Skip to main content

Auto Service - Gas-Conv

New 20-Year Wawa w/t Increases | Mobile MSA | 32% Growth

18968 Greeno Rd, Fairhope, AL 36532

Listing Price: $4,700,000

Cap Rate
4.85%
Tenant Name
Wawa
Years Remaining On Lease
20.2
Guarantor
Corporate Guarantee
Rentable SF
6,119
Lease Type
Ground Lease
Rent Per Square Feet
$37.26

Investment Overview

20 YEAR ABSOLUTE NNN GROUND LEASE WITH RENTAL INCREASES
• Brand new 20 year ground lease corporately guaranteed by Wawa Inc.
• 5% rent increases every 5 years beginning in year 11 and in each of the six – 5 year options.
• Absolute NNN ground lease with 100% no landlord responsibilities.
• Tenant pays for roof, structure, parking lot, taxes, insurance, and utilities and maintains all aspects of the premises.

DOMINANT CONVENIENCE STORE TENANT
• Wawa has 1,058 stores in 8 states with plans to reach 1,800 stores by 2030.
• Wawa generated $18.9B in revenue in 2023 which is an increase of nearly $8B from its revenue in 2021.
• Wawa was founded in 1964, has 42,000 employees and is headquartered in Wawa, PA.

INVESTMENT GRADE CREDIT
• Wawa, a shadow rated “BBB” tenant (equivalent to investment grade credit) and the #1 convenience store/gas station operator in the mid-Atlantic corporately guarantees the longterm ground lease.
• Wawa ranks #24 on Forbes America’s Largest Private Companies with $18.9B in revenue.

AFFLUENT GROWING COASTAL AL MARKET WITH NEW DEVELOPMENT
• The subject property is located at a signalized intersection on Hwy 98 (19,700 VPD), the primary north/south retail corridor serving Fairhope.
• Fairhope is located in coastal Alabama only 30 minutes from Mobile, AL and 1 hour from Pensacola, FL.
• The 5 mile population growth is 32% (2010-2022) and the average household income is $95,242
• This retail corridor is undergoing multiple new development sites including a Publix Anchored Shopping Center that opened in December 2023 which is only 1 mile from this Wawa.
• Boardwalk Village, a high-end 10-acre retail & residential development is currently under construction and is expected to open in 2025. This Wawa is 3 miles from this site.
• A new construction ALDI and Advance Auto Parts also recently opened 3 miles from the subject property.

MOBILE MSA | 2ND MOST POPULOUS CITY IN AL
• Fairhope is located 30 minutes southeast of downtown Mobile on Hwy 98 (19,700 VPD) and is a part of the MSA. Hwy 98 is a major highway that connects Mobile to the coast of AL and to downtown Pensacola.
• The Port of Mobile is the 12th largest port in the US, handling an excess of 55 million tons of cargo annually and generates 313,000 jobs per year.
• Mobile Aeroplex at Brookley is the largest industrial transportation complex in the region with approximately 70 companies and 3,600 employees.
• Home to multiple colleges and universities including the University of South Alabama (8,631 Students), University of Mobile (1,112 Students), Spring Hill College (989 Students) and more.

Investment Highlights

  • 20 Year Ground Lease With Rental Increases
  • Wawa is shadow rated "BBB" (Investment grade equivalent)
  • Coastal AL Market | 5 mile pop growth 32% & Avg HHI: $95,242
  • Primary Retail Corridor with new development
  • Mobile MSA | 2nd most populous city in AL
  • Signalized Intersection (25,600 VPD)

Broker of Record

  • Eddie Greenhalgh

    Senior Vice President Investments

    (205) 510-9200

    License(s) AL: 0000882980

    Alabama

Auto Service - Gas-Conv

New 20-Year Wawa w/t Increases | Mobile MSA | 32% Growth

Listing Price: $4,700,000

Cap Rate
4.85%
Tenant Name
Wawa
Years Remaining On Lease
20.2
Guarantor
Corporate Guarantee
Rentable SF
6,119
Lease Type
Ground Lease
Rent Per Square Feet
$37.26

Investment Highlights

  • 20 Year Ground Lease With Rental Increases
  • Wawa is shadow rated "BBB" (Investment grade equivalent)
  • Coastal AL Market | 5 mile pop growth 32% & Avg HHI: $95,242
  • Primary Retail Corridor with new development
  • Mobile MSA | 2nd most populous city in AL
  • Signalized Intersection (25,600 VPD)

Investment Overview

20 YEAR ABSOLUTE NNN GROUND LEASE WITH RENTAL INCREASES • Brand new 20 year ground lease corporately guaranteed by Wawa Inc. • 5% rent increases every 5 years beginning in year 11 and in each of the six – 5 year options. • Absolute NNN ground lease with 100% no landlord responsibilities. • Tenant pays for roof, structure, parking lot, taxes, insurance, and utilities and maintains all aspects of the premises. DOMINANT CONVENIENCE STORE TENANT • Wawa has 1,058 stores in 8 states with plans to reach 1,800 stores by 2030. • Wawa generated $18.9B in revenue in 2023 which is an increase of nearly $8B from its revenue in 2021. • Wawa was founded in 1964, has 42,000 employees and is headquartered in Wawa, PA. INVESTMENT GRADE CREDIT • Wawa, a shadow rated “BBB” tenant (equivalent to investment grade credit) and the #1 convenience store/gas station operator in the mid-Atlantic corporately guarantees the longterm ground lease. • Wawa ranks #24 on Forbes America’s Largest Private Companies with $18.9B in revenue. AFFLUENT GROWING COASTAL AL MARKET WITH NEW DEVELOPMENT • The subject property is located at a signalized intersection on Hwy 98 (19,700 VPD), the primary north/south retail corridor serving Fairhope. • Fairhope is located in coastal Alabama only 30 minutes from Mobile, AL and 1 hour from Pensacola, FL. • The 5 mile population growth is 32% (2010-2022) and the average household income is $95,242 • This retail corridor is undergoing multiple new development sites including a Publix Anchored Shopping Center that opened in December 2023 which is only 1 mile from this Wawa. • Boardwalk Village, a high-end 10-acre retail & residential development is currently under construction and is expected to open in 2025. This Wawa is 3 miles from this site. • A new construction ALDI and Advance Auto Parts also recently opened 3 miles from the subject property. MOBILE MSA | 2ND MOST POPULOUS CITY IN AL • Fairhope is located 30 minutes southeast of downtown Mobile on Hwy 98 (19,700 VPD) and is a part of the MSA. Hwy 98 is a major highway that connects Mobile to the coast of AL and to downtown Pensacola. • The Port of Mobile is the 12th largest port in the US, handling an excess of 55 million tons of cargo annually and generates 313,000 jobs per year. • Mobile Aeroplex at Brookley is the largest industrial transportation complex in the region with approximately 70 companies and 3,600 employees. • Home to multiple colleges and universities including the University of South Alabama (8,631 Students), University of Mobile (1,112 Students), Spring Hill College (989 Students) and more.

Broker of Record

  • Eddie Greenhalgh

    Senior Vice President Investments

    (205) 510-9200

    License(s): AL: 0000882980

    Alabama

MM Texture Background
MM Textured Background Lower