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WAWA, Pa. -- Agree Realty Corp. has acquired three Wawa convenience stores in Pennsylvania, Delaware and New Jersey for $14.2 million. Wawa Inc. holds a master lease on the stores, and the base term of that master lease has approximately 9.5 years remaining.
The stores are located in Clifton Heights, Pa.; Newark, Del.; and Vineland, N.J. and are master leased by Wawa. The acquisition cost includes the assumption of $8.58 million of non-recourse mortgage debt. The assumed debt matures in June 2016 and carries a 6.56 percent interest rate.
"We are extremely pleased to add these three assets to our portfolio," said Joey Agree, president and COO of Agree Realty, a real estate investment trust. "This strategic acquisition provides the company with a unique opportunity to further our relationship with Wawa in the Mid-Atlantic while continuing to partner in Wawa's Florida expansion as a preferred developer."
Wawa is a convenience store and gas station operator with more than 590 stores in six markets: Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. The company's first Florida store opened in Orlando on July 18, as CSNews Online previously reported.
Agree Realty is a real estate investment trust (REIT) primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. The company currently owns and operates a portfolio of 90 properties, located in 24 states and containing approximately 3.4 million square feet of gross leasable space.