JLL closes $7.28M sale of Fort Lauderdale Wawa
The Wawa is an outparcel to the newly constructed Riverbend Marketplace
ORLANDO, January 2, 2020 – JLL Capital Markets announced today that it has closed the $7.28 million sale of a 1.7-acre, single-tenant parcel that is ground leased to Wawa in Fort Lauderdale, Florida.
JLL marketed the property on behalf of the seller, Northbridge Investment Management. Promociones 96 Inc purchased the asset.
Wawa is a chain of more than 800 convenience retail stores and more than 27,000 employees located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. Completed in 2017, Wawa fronts Riverbend Marketplace, a new regional shopping center. Situated on a 1.7-acre site at 2620 West Broward Boulevard, Wawa at Riverbend Marketplace is located on the “going-to-work” side of West Broward Boulevard, and the building is visible to nearly 60,900 vehicles per day at the hard corner intersection of West Broward Boulevard and SW 27th Avenue. The property is two miles from downtown Fort Lauderdale where the daytime population is 98,000 and the average home value is $602,000. Over 172,000 residents earning an average annual household income exceeding $73,000 live within a three-mile radius of Wawa at Riverbend Marketplace.
The JLL Capital Markets team that represented the seller was led by Director Michael Brewster and Senior Managing Director Brad Peterson along with Managing Director Marc Mandel and Director Steve Schrenk.
“Wawa at Riverbend Marketplace is located at a hard corner along one of the busiest roads in Broward county, and it’s easily accessed by commuters going to downtown Fort Lauderdale,” Brewster said. “The proximity to I-95, downtown, the beaches and rare big-box Fort Lauderdale retail made this a special offering with phenomenal long-term value.”
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Northbridge Investment Management
Northbridge Investment Management facilitates direct ownership for private and institutional capital of quality commercial real estate assets that offer a balance of distributable income and long-term capital appreciation. The company’s objective is to enhance the value of its assets to maximize long-term value of its properties. The principals of Northbridge have significant experience in the acquisition and management of large-scale industrial, retail and office portfolios, leading approximately 150 commercial real estate transactions for a total value of $5 billion. Visit northbridgeim.com to learn more.