Jacksonville Wawa store sold for $7.14M

ORLANDO, August 10, 2020 – JLL Capital Markets announced today that it has closed the $7.14 million sale of a 6,267-square-foot, single-tenant retail building ground leased to Wawa in Jacksonville, Florida.

JLL marketed the property on behalf of the seller, Florida-based CTO Realty Growth, Inc. A private investor purchased the asset.

Wawa, Inc., is a privately held company based in Wawa, Pennsylvania, with a chain of more than 850 convenience retail stores, more than 600 of which offers gasoline. The company employs over than 35,000 people and operates its stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C. The Jacksonville property is housed on 2.16 acres at 4866 Gate Parkway at the entrance to St. Johns Town Center regional retail node, which comprises 1.7 million square feet of retail space. It sits at the signalized intersection of Town Center Parkway and Gate Parkway, exposing the property to approximately 55,700 vehicles per day. Completed in 2017, the Wawa includes gasoline pumps and has over 17 years remaining on its lease term.

The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Director Michael Brewster and Analyst Joseph Naas.

“The St. Johns Town Center trade area is one of the most preferred submarkets for retailers, businesses and residents in the southeastern United States,” Brewster said. “At the heart of it, Wawa serves customers from all over North Florida, and the neighborhood, highway access and immense traffic made this a special offering with irreplaceable intrinsic value.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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CTO Realty Growth, Inc. is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.2 million square feet in diversified markets in the United States and an approximately 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE).