Overview
Cushman & Wakefield | Thalhimer is pleased to exclusively offer for sale a brand new, corporately guaranteed 20-year ground lease opportunity in affluent Charlottesville, Virginia. Wawa, Inc., is an investment-grade entity rated BBB by Fitch and with over $18.9 billion in annual revenue, ranks as the 20th largest privately held company according to Forbes. Operating over 1,000 locations along the East Coast, Wawa is the ninth largest convenience store chain in the United States. The Property is prominently situated on ±1.83 acres at the signalized hard corner of 5th Street SW and 5th Street Station Parkway, approximately .5 miles from major regional connector, Interstate 64. The site benefits from high visibility and accessibility at the entrance of 5th Street Station, a 400,000 square foot dominant shopping destination anchored by the MSA’s only Wegmans. Additionally, 24 hour operations and close proximity to Interstate 64, (48,000 VPD) make the subject location and prime stop for travelers seeking gas and other essentials - projected to be the strongest performing in the region.
Investment Highlights
- Iconic, trophy Charlottesville location located immediately off interstate 64 at the entrance to 5th Street Station – a 475,000 SF dominant regional retail destination anchored by the MSA’s only Wegman’s.
- Exceptionally high barriers to entry in the already tight markets of Charlottesville and Albemarle County with virtually no comparable, developable by-right sites remaining coupled with challenging entitlement processes.
- Convenient accessibility to UVA, Downtown\ Charlottesville and Interstate 64 which spans Virginia and connects major North/South corridors, Interstates US 81 and 95.
- Brand new, 20-year corporate ground lease with attractive 10% escalations every five years in the intial term and option periods and zero landlord obligations.
- Investment Grade Tenant Wawa, Inc., (Fitch: BBB) has over 1,000 locations nationwide and is ranked the 9th largest convenience chain the U.S. 2023 annual gross $19B in annual revenues in 2023.
- Dynamic Market with affluent demographics and unbeatable economic fundamentals boasting continuous YOY population and retail rent growth.
