Investment Overview

The Tenant, Wawa Inc., is subject to a new 20-year NNN ground lease that commenced in June 2025. The lease features 10 percent (10%) rental increases every five years during the base term and in each of the six, five-year options, providing revenue growth and a hedge against inflation. Wawa will operate 24-hours per day, 7-days per week in its modern store prototype with eight multi-product dispensers (MPDs). The Tenant boasts an investment grade shadow rating of “BBB+” by Fitch. This location will be the chain’s first store in Union County, and the second in north central Pennsylvania after the first location opened in January in Williamsport. The chain is also planning to build stores along Route 15 in South Williamsport, Centre County, and Montour County. The new stores are part of Wawa’s 50-store expansion plan into Central Pennsylvania, as it expands its footprint along the Susquehanna River, with 12 stores to be open by year-end.