Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Wawa Lauderhill, a 5,636-square foot net-leased property located in Lauderhill, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset sold for $6,129,000.
Gabriel Britti, Ronnie Issenberg and Dana Speer, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“This WAWA, located at the corner of 44th Street and University Drive, experiences traffic counts in excess of 65,00 Vehicles Per Day and has a one mile surrounding population with more than 20,000 people. This is a very high traffic corner for a convenience store” stated Speer.
“We are seeing more and more investors ask for “E Commerce and Amazon Proof” investments. WAWA Convenience stores fit this need” adds Britti. “This factor coupled with Florida’s explosive projected population growth over the next few years allowed us to bring multiple offers for this property.” “Our team, the Issenberg Britti Group, has sold 223 convenience stores over the past 11 years of being in business and this WAWA traded at a more aggressive cap rate than any others we have sold. Investors are looking for a flight to safety for their investments and long term WAWAs fit this mold” adds Issenberg. “Our team is currently bringing three additional Florida WAWAs to market with an additional three in the pipeline for first quarter of 2019.”
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
