Investment Overview

15 YEARS REMAINING ON NNN LEASE WITH 7.5% INCREASES EVERY 5 YEARS Wawa operates in a 5,557 -square-foot convenience store with 8 fueling pumps. The property is situated upon a 2.61-acre signalized parcel along Pulaski Hwy (Route 40) with 26,670 VPD. The Tenant, Wawa Inc., opened in 2020 and extended its lease in 2022 adding a new 20-year term. Presently, the lease has 15-years remaining on its 20-year lease with two, five-year options featuring 7.5% increases every 5 years. ONLY WAWA ON THE MARKET THAT QUALIFIES FOR BONUS DEPRECIATION Wawa generally uses a ground lease structure, but this extremely uncommon lease structure provides investors with a unique opportunity to buy a fee Simple Wawa that qualifies for 100% Bonus Depreciation. Sales are reported per lease and prove out the bonus depreciation test by 50% revenue or more from petroleum sales. SIGNIFICANT TENANT INVESTMENT IN THE MARKET DESPITE OTHER C-STORE COMPETITION Despite competition in the market with both a Royal Farms (built in 2012) 0.3 miles away, a Dash In (re-built in 2019) 0.9 miles away, and a newer Sheetz (built in 2023) 2.34 miles from the site, Wawa has proved to be the dominant store in the area with an impressive 871.4K visits according to Placer.ai. Royal Farms averages 321.3K visits annually, Dash In accounts for 182.9K visits annually, and Sheetz averages 493.2K visits. In 2023, Wawa opened a second store within 1.25 miles of the site along Summit Bridge Road, which will support the North-South Traffic driving deeper into Newark, while the subject site supports the East-West traffic in the area. BUSY COMMUTER ROAD PULASKI HWY (26,670 VPD) IN TAX FRIENDLY DELAWARE Pulaski Highway serves as the primary East-West Commuter corridor between Elkton, MD to the west of the site, through Newark, and New Castle and Wilmington to the East of the property. It runs parallel to I-95 and is lined with significant retail, industrial, and residential development. Within 3-miles, there are 39,210 residents with an average household income of $128,768. To this site’s advantage, it is just across the Delaware border which has no sales tax on goods/services. Additionally, Delaware’s gas tax is about half as much as Maryland. BEST-IN-CLASS OPERATOR Wawa, Inc. is a best-in-class tenant within the highly sought-after convenience sector and a tier-one retailer that is both online and recession resistant. Wawa operates over 1,000 locations in the Mid-Atlantic and Florida and reported more than $18.8 billion in Gross Annual Sales Revenue. Wawa is currently #2 on CSP Magazine’s “Fuels 50” list, which ranks convenience store brands by market efficiency, as well as Food & Wine Magazine’s America’s Best Convenience Stores, 2nd only to Texas-based Buc-ee’s on both. In 2025, Forbes Magazine ranked the company number 21 on its list of America’s Largest Private Companies. The company maintains a shadow credit rating from Fitch, which is investment grade.