Wawa
Retail | 5.10% CAP | 6,372 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a new construction Wawa ground lease located at 7481 Montgomery Road in Cincinnati, Ohio (“the Property”). The new construction gas station and convenience store has a 20-year Absolute NNN Ground Lease with six (6), 5-year renewal options. The lease calls for a 7% rent increase in year eleven and sixteen and at the start of all six of the five-year renewal options. Wawa is currently under construction with an anticipated rent commencement date of March 13, 2026.
The new construction Wawa is extremely well located in Cincinnati’s Silverton neighborhood. Positioned at the signalized intersection of Stewart Road and Montgomery Road (US Route 22), the area’s primary commercial and commuter corridor, the Property enjoys outstanding frontage, visibility and access and is and is surrounded by densely populated residential neighborhoods and area schools. Wawa is close to national and local retailers and restaurants, Kenwood Square and Kenwood Towne Centre, all of which drive traffic to the area. The Property is 0.6 miles from Interstate 71 and 9 miles north of Downtown Cincinnati.
Investment highlights
NEW CONSTRUCTION GROUND LEASE: This is a new construction Wawa that features a 20-year Absolute NNN ground lease with six (6), 5-year renewal options. Wawa is currently under construction with an anticipated rent commencement date of March 13, 2026.
ATTRACTIVE RENT INCREASES: The corporate ground lease features attractive 7.0% rent increases in years eleven and sixteen of the primary lease term and at the start of each renewal option period, providing the investor with an attractive hedge against inflation.
DYNAMIC TENANT: Wawa convenience stores are one of the most sought-after triple net lease investment properties in the market today due to their strong corporate backing and excellent underlying real estate fundamentals. Wawa operates more than 1,100 locations in the United States and had an estimated 2024 Revenue of $18.84 Billion.
ZERO LANDLORD RESPONSIBILITIES: The Wawa Absolute NNN Ground Lease requires zero landlord responsibilities. The tenant is solely responsible for all service, maintenance, and repairs, making it an attractive investment for the passive real estate investor.
STRATEGIC RETAIL LOCATION: The new construction Wawa is extremely well located at the signalized intersection of Stewart Road and Montgomery Road (US Route 22), the area’s primary commercial and commuter corridor. Positioned in Cincinnati’s Silverton neighborhood, Wawa is surrounded by densely populated residential neighborhoods and area schools that provide a built-in customer base. Wawa enjoys outstanding frontage, visibility and access, and is seconds from the commercial node at the junction of US Route 22 and Interstate 71. The area is home to Kenwood Square and Kenwood Towne Centre, which offers an impressive lineup of high-profile retailers includes popular brands like Nordstrom, Alo Yoga, Anthropologie, Apple, Gucci, Louis Vuitton, lululemon athletica, RH, Tiffany & Co., and Travis Mathew in a 1.1 million square foot enclosed mall. This location offers outstanding access to Interstate 71 and is 9 miles from Downtown Cincinnati.
AREA DEVELOPMENT: Recent development in the immediate area includes Residences at Ag47, a 204-unit luxury apartment complex. Offering a variety of 9 different floor plan options for any lifestyle, the unique, upscale apartment homes at the Residences at Ag47 offer stainless-steel appliances, and granite countertops, along with full-size washers and dryers. The common areas have boutique-style living amenities including outdoor grilling, expansive heated pool, bocce ball court, 24-hour fitness facilities with a yoga room, and a media room. Ag47 has received approvals for Phase II, the new development will add 119 apartments in a 134,915-square- foot, four-story building on a 3.3-acre vacant land parcel at the southwest corner of Montgomery and Stewart roads. Aspire Kenwood Apartments, constructed in 2021, is a 248-unit luxury apartment complex. The amenity rich complex includes gourmet kitchens featuring quartz countertops, oversized islands, and stainless- steel appliances. Aspire Kenwood also has community amenities like a PGA Golf Simulator, heated pool, fitness center, and Peloton® Bike Rooms.
TRAFFIC COUNTS: More than 27,800 vehicles per day pass the Property at the signalized intersection of Montgomery Road (US Route 22) and Stewart Road.
STRONG DEMOGRAPHICS: Over 83,100 people live within 3-miles of the Property with an average household income of $132,832. More than 198,500 people live within 5-miles of the Property with an average household income of $132,382. Additionally, there are more than 146,200 employees within 5-miles of the Property.
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