387-389 Passaic Avenue & 28 Little Falls Road | Fairfield, NJ 07004
Senior Investment Advisor
First Vice President Investments
New 20-Year Ground Lease
Corporate Guaranteed Absolute NNN Lease
Scheduled Rental Increases
Investment Grade Tenants
Wawa Ranked #25 by Forbes for America’s Largest Private Companies
200,000 Residents and Average Household Income of Over $142,000 Within 5 Miles
62 Newly Opened Locations in 2019 and 61 in the Pipeline for 2020
Marcus & Millichap is pleased to exclusively offer a leased fee interest (land ownership) Wawa opportunity in Fairfield, New Jersey. The Tenant, Wawa, Inc., is subject to a new (20)-year ground lease in a high barrier, Northern New Jersey submarket. The lease features 10% rental increases every five years starting in year (10) of the base term, and continuing through the six, five-year option periods. The state-of-the-art property was recently constructed and opened in December 2019 featuring a convenience store and gas station with (12) premium pumps. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for an out of state investor.
Wawa, Inc. is a privately held company with a chain of more than 850 convenience stores (over 500 offering gasoline) and more than 30,000 employee in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington DC. In terms of credit, Wawa was recently rated as “BBB” by Fitch, or investment grade. Wawa’s annual revenue exceeds $12.1 billion and the company is ranked #25 among America’s largest private companies.
The Subject property benefits from its strategic positioning in northern New Jersey as it only 23 miles from New York City. The submarket features healthy demographics with over (200,000) people and an average household income of over ($136,000) within a (5)-mile radius of the premises. From a regional perspective, the property is strategically located by Route 46(Runs East /West throughout NJ - 37,825K VPD) and Interstate 80 (Runs East/West Regionally -107K VPD)
From a local perspective, the site sits at a signalized intersection of Passaic Avenue and Little Falls Road with three access points. This corridor is surrounded by a strong, retail presence and consumer base, including the Willowbrook Mall. The shopping center features over (660,000 SF) of retail space amongst 170 stores; the mall is located just one mile from the Subject Wawa site, increasing consumer draw. In addition to the retail presence, the site is near the Essex County Airport. The airport features a two runway, 275-acre transportation hub with a reported over 75,000 aircraft operations annually with an average of about 200 per day.