Marcus & Millichap Inc.
09/24/2024 | Press release | Distributed by Public on 09/24/2024 15:53
Marcus & Millichap Facilitates Sale of Brand-New Wawa in Chambersburg, Pennsylvania
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Marcus & Millichap Facilitates Sale of Brand-New Wawa in Chambersburg, Pennsylvania
September 24, 2024
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CHAMBERSBURG, Penn., Sept. 24, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a new construction, net-leased Wawa located in Chambersburg, Pennsylvania. The property sold for $6,481,481.
"The sellers did an exceptional job securing a prime Wawa location in Central Pennsylvania, positioned between two of the highest-performing Starbucks and Dunkin' locations nationwide," said Derrick Dougherty, senior vice president investments. "This site's strategic placement just off I-81, near Chambersburg Area High School and several surrounding schools, ensures a steady flow of families, students, and commuters, making it a top-tier choice for Wawa and a highly attractive opportunity for investors."
Dougherty and Scott Woodard, investment specialists in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Paramount Realty, a large Mid-Atlantic based investor and developer group. Jacob Haslach and Dougherty procured the buyer, W.F. Chelsey Real Estate, a privately owned real estate firm based in the Washington-Baltimore metropolitan area.
"We want to commend the buyers for their expertise in navigating the complexities of merging two1031exchange sales into a single purchase," said Haslach, associate. "It was a privilege to work on a deal where both the seller and buyer communicated their goals effectively, resulting in a seamless closing of this best-in-class opportunity in just 23 days."
The property is situated on 1.16 acres at 1071 Wayne Ave. Currently under construction, the 5,330-square-foot Wawa is set to open later this year with a brand-new 20-year lease. The site is positioned at a signalized intersection off I-81, whose traffic counts exceed 47,000 vehicles daily.
"Our team has successfully closed four Wawa deals in 2024, with many more on the horizon," said Woodard, first vice president investments. "Our unique team structure enables us to deliver exceptional results for our clients. Growing up with Wawa ingrained in our DNA, we are uniquely equipped to execute these deals with the highest success rate."
"The sellers did an exceptional job securing a prime Wawa location in Central Pennsylvania, positioned between two of the highest-performing Starbucks and Dunkin' locations nationwide," said Derrick Dougherty, senior vice president investments. "This site's strategic placement just off I-81, near Chambersburg Area High School and several surrounding schools, ensures a steady flow of families, students, and commuters, making it a top-tier choice for Wawa and a highly attractive opportunity for investors."
Dougherty and Scott Woodard, investment specialists in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Paramount Realty, a large Mid-Atlantic based investor and developer group. Jacob Haslach and Dougherty procured the buyer, W.F. Chelsey Real Estate, a privately owned real estate firm based in the Washington-Baltimore metropolitan area.
"We want to commend the buyers for their expertise in navigating the complexities of merging two1031exchange sales into a single purchase," said Haslach, associate. "It was a privilege to work on a deal where both the seller and buyer communicated their goals effectively, resulting in a seamless closing of this best-in-class opportunity in just 23 days."
The property is situated on 1.16 acres at 1071 Wayne Ave. Currently under construction, the 5,330-square-foot Wawa is set to open later this year with a brand-new 20-year lease. The site is positioned at a signalized intersection off I-81, whose traffic counts exceed 47,000 vehicles daily.
"Our team has successfully closed four Wawa deals in 2024, with many more on the horizon," said Woodard, first vice president investments. "Our unique team structure enables us to deliver exceptional results for our clients. Growing up with Wawa ingrained in our DNA, we are uniquely equipped to execute these deals with the highest success rate."
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.