wawa exclusive listing (ground lease)| tampa, fl€¦ · wawa (ground lease) tampa, fl offering...

Wawa (Ground Lease)| Tampa, FLOffering Memorandum

PATRICK NUTT MANAGING PARTNER

(954) 302-7365 [email protected]

EXCLUSIVE LISTINGOffering Memorandum

1

C A L K A I N .C O MC A L K A I N .C O M

Wawa (Ground Lease) | Tampa, FL


2502 N 50th Street | Tampa, FL 33619

Asking Price $4,790,000 | Cap Rate 4.70%

Net Operating Income (NOI) $225,000

Rent/Month $18,750

Rentable Square Feet 6,000+/- SF

Land Area 1.61+/- Acres

Tenant Name Wawa Florida, LLC

Credit Rating Fitch: BBB

Guarantor Corporate

Ownership Type Ground Lease

Lease Type NNN

Landlord Responsibilities None

Store Opened March 2017

Lease Term Remaining 20 Years

Rent Commencement March 2, 2017

Lease Expiration March 31, 2037

Increases 8% Every 5 Years Starting LY 11

Options Six (6), Five (5) Year

Investment Highlights • Brand new 20 year ground lease

• Interstate location off I-4, with traffic count of 155,000 VPD

• Hard corner at busy lighted intersection in front of new Holiday Inn Express

• Investment grade tenant (Fitch: BBB)

Rent ScheduleTerm Increases Annual Rent Monthly Rent

Years 1-10 - $225,000.00 $18,750.00

Years 11-15 8% $243,000.00 $20,250.00

Years 16-20 8% $262,440.00 $21,870.00

Years 21-25 (Option 1) 8% $283,432.20 $23,619.60

Years 26-30 (Option 2) 8% $306,110.02 $25,509.17

Years 31-35 (Option 3) 8% $330,598.82 $27,549.90

Years 36-40 (Option 4) 8% $357,046.72 $29,753.89

Years 41-45 (Option 5) 8% $385,610.46 $32,134.21

Years 46-50 (Option 6) 8% $416,459.30 $34,704.94

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Financial Summary


Tenant Snapshot

# of Locations 750+

Credit Rating Fitch: BBB

2016 Revenue $9.68B

About WawaWawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey.

Today, 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 750 convenience retail stores (500 offering gasoline), over 100 of those are in Florida. They plan to open 50+ stores per year in 2017 and 2018.

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.

Most stores are open 24 hours a day, 365 days a year.

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Tenant Overview


Location Overview

Tampa

Fort Lauderdale

Orlando

St. Petersburg

Port St. Lucie

Fort Myers

Sarasota

Miami

Subject Site

Distance To:Tampa Downtown 5 miles

St. Petersburg 28 miles

Orlando 80 miles

Sarasota 58 miles

4



Subject Site

Oak Park Elementary School

4

Selmon Expressway 32,533 VPD

Interstate 4 155,000 VPD

4

4

N 50th St 40,500 VPD

5



E ColumbusN 50th St

4 Subject Site

40,500 VPD

155,000 VPD

21,500 VPD

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Tampa, FLTampa is a city in the U.S. state of Florida. It serves as the county seat for Hillsborough County and is located on the west coast of Florida, on Tampa Bay near the Gulf of Mexico.

Tampa is a part of the metropolitan area most commonly referred to as the Tampa Bay Area. Tampa is part of the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. The four-county area is composed of roughly 2.7 million residents, making it the second largest metropolitan statistical area (MSA) in the state, and the fourth largest in the Southeastern United States, behind Miami, Washington, D.C., and Atlanta. The Greater Tampa Bay area has just over 4 million residents and generally includes the Tampa and Sarasota metro areas. The Tampa Bay Partnership and U.S. Census data showed an average annual growth of 2.47 percent, or a gain of approximately 97,000 residents per year. Between 2000 and 2006, the Greater Tampa Bay Market experienced a combined growth rate of 14.8 percent, growing from 3.4 million to 3.9 million and hitting the 4 million people mark on April 1, 2007.

Tampa has a number of sports teams, such as the Tampa Bay Buccaneers of the National Football League, the Tampa Bay Lightning of the National Hockey League, and the Tampa Bay Storm of the Arena Football League. The Tampa Bay Rays in Major League Baseball and the Tampa Bay Rowdies of the North American Soccer League play their home games in neighboring St. Petersburg, Florida.

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Market Overview


Radius 1 Mile 3 Miles 5 MilesPopulation2017 Population 4,647 59,849 205,956

2022 Population 4,887 63,672 221,428

2010-2017 Annual Rate 0.64% 0.92% 1.29%

2017-2022 Annual Rate 1.01% 1.25% 1.46%

2017 Male Population 49.5% 49.1% 49.3%

2017 Female Population 50.4% 50.9% 50.7%

2017 Median Age 33.3 34.3 34.1

Households2017 Total Households 1,508 21,167 80,065

2022 Total Households 1,580 22,542 86,425

2010-2017 Annual Rate 0.44% 0.87% 1.40%

2017-2022 Annual Rate 0.94% 1.27% 1.54%

2017 Average Household Size 2.82 2.74 2.46

Median Household Income2017 Median Household Income $29,891 $29,882 $38,764

2022 Median Household Income $30,789 $31,552 $43,025

2017-2022 Annual Rate 0.59% 1.09% 2.11%

Average Household Income2017 Average Household Income $40,413 $43,238 $58,388

2022 Average Household Income $44,769 $49,412 $67,162

2017-2022 Annual Rate 2.07% 2.71% 2.84%

Per Capita Income2017 Per Capita Income $14,884 $16,228 $23,662

2022 Per Capita Income $16,080 $18,370 $27,113

2017-2022 Annual Rate 1.56% 2.51% 2.76%

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Demographics


WawaTampa, FLSold Price $6,000,000 Cap Rate 4.60%Sold on 8/10/2017

WawaPort St. Lucie, FLSold Price $3,845,000 Cap Rate 4.55%Sold on 7/19/2017

WawaLakeland, FLSold Price $4,800,000 Cap Rate 4.65%Sold on 7/10/2017

WawaVenice, FLSold Price $5,263,700 Cap Rate 4.55%Sold on 1/31/2017

WawaOviedo, FLSold Price $6,000,000 Cap Rate 4.55%Sold on 1/1/2017

WawaVero Beach, FLSold Price $5,055,000 Cap Rate 4.55%Sold on 12/16/2016

WawaOrlando, FLSold Price $3,000,000 Cap Rate 4.50%Sold on 10/20/2016

WawaStuart, FLSold Price $5,088,000 Cap Rate 4.50%Sold on 9/16/2016

Recent Sales Comparables

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PATRICK NUTT MANAGING PARTNER

(954) 302-7365 [email protected]

Who Are We? Calkain Companies LLC is a national commercial real estate firm that provides consulting and brokerage services to both private and institutional clientele with an expertise on triple net lease investments. We pride ourselves on being a world class leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, estate planning and wealth management.

We have built solid relationships throughout our decades of experience and innovation, implementing long-term allocation within the context of each client’s particular risk tolerance and identifying how best to acquire and dispose of income producing properties for each entities’ specific set of investment criterion. At Calkain, our foresight and past performance are leading the net lease investment industry.

Our HistoryLike most success stories, Calkain was formulated from humble beginnings. Jonathan W. Hipp, President and CEO, took the initiative to build upon his decades of experience and performance and left a large international brokerage firm to become an independent and innovative leader within the triple net lease investment community. Armed with a sole employee and a single office, the firm has grown exponentially since its infancy in 2005.

With the growth in staff, seasoned professionals have been attracted to Calkain’s model of innovation, entrepreneurship and the fostering of long-lasting and meaningful relationships. Industry experts have joined Calkain in the hopes of implementing the skills they have honed in complementary aspects of real estate investment.

Through a tremendous endeavor, tireless hours have been committed to continually prove that Calkain is America’s Net Lease Company®. Its countless accolades received from the world’s leading business publications, including Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a true leader in triple net lease investing services.

Client Testimonial

“USRA has worked with Calkain on numerous occasions. They have always been meticulous in their work ethic, providing superior service and extremely prompt attention to our needs. I highly recommend them.

–Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)

$11.5 Billion in Closed Transactions

$350 Million

in Active Listings

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C A L K A I N .C O MC A L K A I N .C O M

About Calkain

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 regula-tions, 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.

Corporate Headquarters Washington, DC12930 Worldgate Drive | Suite 150 Herndon, VA 20170 T: (703) 787-4714 • F: (703) 787-4783

South Florida300 S. Pine Island Road | Suite 300 Fort Lauderdale, FL 33324 T: (813) 282-6000

Atlanta111 Village Parkway, Building 2 | Suite 202 Marietta, GA 30067 T: (404) 900-5629

Boston101 Federal Street | Suite 1900 Boston, MA 02110 T: (617) 261-8584

CALKAIN.COM

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