wawa (nnn ground lease) · services to both private and institutional clientele with a focus on...
TRANSCRIPT
Representative Photo
OFFERING MEMORANDUM
WAWA (NNN Ground Lease)Jacksonville, FL
Patrick NuttManaging Partner954.302.7365 | [email protected]
Asset Summary
Net Operating Income (NOI) $250,000
Rent/Month $20,833.33
Rentable Square Feet 6,119+/- SF
Land Area 2.56+/- Acres
Tenant Wawa
Website www.wawa.com
Credit Rating Fitch: BBB
Guarantor Corporate
Lease Type NNN Ground Lease
Landlord Responsibilities None
Store Opening Fall 2018
Lease Term Remaining 20 Years
Rent Commencement Est. 11/7/2018
Lease Expiration Est. 11/30/2038
Increases 5% Every 5 Years Starting LY 11
Options Six (6), Five (5) Year
Investment Highlights
• New 20-year corporate Wawa ground lease
• High traffic lighted intersection
• Interstate location - just off I-295
• High traffic count on Park Avenue (71,000 VPD)
• Investment grade credit - Fitch: BBB
• Wawa operates over 800 locations
Rent ScheduleTerm Increases Annual Rent Monthly Rent
Years 1-10 - $250,000.00 $20,833.33
Years 11-15 5% $262,500.00 $21,875.00
Years 16-20 5% $275,625.00 $22,968.75
Years 21-25 (Option 1) 5% $289,406.25 $24,117.19
Years 26-30 (Option 2) 5% $303,876.56 $25,323.05
Years 31-35 (Option 3) 5% $319,070.39 $26,589.20
Years 36-40 (Option 4) 5% $335,023.91 $27,918.66
Years 41-45 (Option 5) 5% $351,775.11 $29,314.59
Years 46-50 (Option 6) 5% $369,363.86 $30,780.32
Asking Price$5,555,555
Cap Rate 4.50%
300 Park AvenueJacksonville, FL 32073
Calkain Companies | 2
Wawa | Financial Summary
About WawaWawa Inc. is an American chain of convenience stores and gas stations.
Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Central Florida. The stores offer a large fresh food service selection, including Wawa brands such as built-to-order hoagies, freshly brewed coffee, hot breakfast sandwiches, built-to-order specialty beverages, and an assortment of soups, sides and snacks.
Wawa is your all day, every day stop for fresh, built-to-order foods, beverages, coffee, fuel services, and surcharge-free ATMs. A chain of more than 800 convenience retail stores (500 offering gasoline), over 165 of those are in Florida. They plan to open 50+ stores per year in 2018 and 2019.
Most stores are open 24 hours a day, 365 days a year.
Tenant SnapshotTenant Snapshot
# of Locations
802
Established
1964
Credit Rating
Fitch: BBB
2017 Revenue
$10Bil
# of Employees
28,700
Calkain Companies | 3
Tenant Overview
Construction Progress as of August 2018
Calkain Companies | 4
Construction Progress as of August 2018
Calkain Companies | 5
HollywoodOrlando
Gainesville
Lake City
Daytona Beach
St Augustine
TallahasseeJacksonville
4
75
75
75
10
95
95
Jacksonville 19 miles
St Augustine 37 miles
Gainesville 59 miles
Daytona Beach 85 miles
Orlando 137 miles
Tallahassee 167 miles
Subject Site
Calkain Companies | 6
Location Overview
Distance To
Keep all map content (except background) above this margin for website cropping purposes
I-295 95,000 VPD Park Avenue 71,000 VPD
295295
Subject Site
300 Park Avenue | Jacksonville, FL 32073
Keep all map content (except background) above this margin for website cropping purposes
I-295 95,000 VPD 295
Subject SitePark Avenue 71,000 VPD
Future Hotel
Site
Wells Rd 23,000 VPD
Future Site
300 Park Avenue | Jacksonville, FL 32073
Location Highlights
Just Off I-295
71,000 VPD Pass the Site
Brand New Construction
Cross Access Available
Park Avenue 71,000 VPD
Future Hotel
Site
Wells Rd 23,000 VPD
Future Site
Calkain Companies | 9
Site Plan
Orange Park
1 Mile 3 Miles 5 MilesPopulation2018 Population 4,111 39,443 111,757
2023 Population 4,314 41,328 117,414
2018 Median Age 36.1 34.9 38.5
Households2018 Total Households 1,675 15,295 43,189
2023 Total Households 1,768 16,020 45,278
Median Household Income2018 Median HH Income $45,643 $47,948 $56,550
2023 Median HH Income $51,403 $53,673 $63,503
Average Household Income2018 Average HH Income $60,284 $63,018 $80,181
2023 Average HH Income $70,624 $73,879 $92,198
Population 111,757
Median Age 38.5
Avg HH Income $80,181
Total Businesses 4,492
Total Employees 44,424
Net Worth $105,238
5 Mile Radius | Demographics295
95
Location Overview, 1/3/5 Miles
Calkain Companies | 10
About UsCalkain Companies LLC is a boutique commercial real estate investment banking firm that provides consulting and brokerage services to both private and institutional clientele with a focus on single tenant net lease investments. It prides itself on being an innovative leader by providing its clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, debt and equity placement and wealth management.
Calkain has built solid, lasting relationships that have been the cornerstone of how they do business. Calkain approaches each assignment with an eye toward each client’s individual needs. Whether private or institutional investors, Calkain delivers real estate solutions that maximize value while building wealth for all of its clients.
At Calkain, their foresight and innovation are leading the net lease investment industry.
Building a solid foundation for your investment portfolio
calkain.com
Disclaimer: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
$12 Billion in Closed Transactions
$400 Million
in Active Listings
Washington, DC 12930 Worldgate Dr Ste 150 | Herndon, VA Tel: 703.787.4714
Fort Lauderdale 200 SW 1st Ave Ste 880 | Fort Lauderdale, FL Tel: 813.282.6000
Atlanta 111 Village Pkwy, Bldg 2 Ste 202 | Marietta, GA Tel: 404.900.5629
Boston 101 Federal St Ste 1900 | Boston, MA Tel: 617.261.8584
Philadelphia 3477 Corporate Pkwy Ste 100 | Center Valley, PA Tel: 610.410.5410
New York 205 E 42nd St 14th Fl | New York, NY Tel: 646.736.5783