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

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18968 Greeno Rd
Fairhope, AL

Price: $4,560,000

Cap: 5.00%

NOI: $228,000

Building Size: 6,119 SF

Lot Size: 3 AC

Investment Highlights

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 long- term 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.

Don McMinn

678-808-2762 | EMAIL >

OFFERING MEMORANDUM

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