Wawa (Ground Lease)| Tampa, FLOffering Memorandum
PATRICK NUTT MANAGING PARTNER
(954) 302-7365 [email protected]
EXCLUSIVE LISTINGOffering Memorandum
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C A L K A I N .C O MC A L K A I N .C O M
Wawa (Ground Lease) | Tampa, FL
Wawa (Ground Lease)| Tampa, FLOffering Memorandum
2502 N 50th Street | Tampa, FL 33619
Asking Price $4,790,000 | Cap Rate 4.70%
Net Operating Income (NOI) $225,000
Rent/Month $18,750
Rentable Square Feet 6,000+/- SF
Land Area 1.61+/- Acres
Tenant Name Wawa Florida, LLC
Credit Rating Fitch: BBB
Guarantor Corporate
Ownership Type Ground Lease
Lease Type NNN
Landlord Responsibilities None
Store Opened March 2017
Lease Term Remaining 20 Years
Rent Commencement March 2, 2017
Lease Expiration March 31, 2037
Increases 8% Every 5 Years Starting LY 11
Options Six (6), Five (5) Year
Investment Highlights • Brand new 20 year ground lease
• Interstate location off I-4, with traffic count of 155,000 VPD
• Hard corner at busy lighted intersection in front of new Holiday Inn Express
• Investment grade tenant (Fitch: BBB)
Rent ScheduleTerm Increases Annual Rent Monthly Rent
Years 1-10 - $225,000.00 $18,750.00
Years 11-15 8% $243,000.00 $20,250.00
Years 16-20 8% $262,440.00 $21,870.00
Years 21-25 (Option 1) 8% $283,432.20 $23,619.60
Years 26-30 (Option 2) 8% $306,110.02 $25,509.17
Years 31-35 (Option 3) 8% $330,598.82 $27,549.90
Years 36-40 (Option 4) 8% $357,046.72 $29,753.89
Years 41-45 (Option 5) 8% $385,610.46 $32,134.21
Years 46-50 (Option 6) 8% $416,459.30 $34,704.94
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Financial Summary
Wawa (Ground Lease)| Tampa, FLOffering Memorandum
Tenant Snapshot
# of Locations 750+
Credit Rating Fitch: BBB
2016 Revenue $9.68B
About WawaWawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey.
Today, Wawa is your all day, every day stop for fresh, built-to-order foods, beverages, coffee, fuel services, and surcharge-free ATMs. A chain of more than 750 convenience retail stores (500 offering gasoline), over 100 of those are in Florida. They plan to open 50+ stores per year in 2017 and 2018.
Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Central Florida. The stores offer a large fresh food service selection, including Wawa brands such as built-to-order hoagies, freshly brewed coffee, hot breakfast sandwiches, built-to-order specialty beverages, and an assortment of soups, sides and snacks.
Most stores are open 24 hours a day, 365 days a year.
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Tenant Overview
Wawa (Ground Lease)| Tampa, FLOffering Memorandum
Location Overview
Tampa
Fort Lauderdale
Orlando
St. Petersburg
Port St. Lucie
Fort Myers
Sarasota
Miami
Subject Site
Distance To:Tampa Downtown 5 miles
St. Petersburg 28 miles
Orlando 80 miles
Sarasota 58 miles
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2502 N 50th Street | Tampa, FL 33619
Wawa (Ground Lease)| Tampa, FLOffering Memorandum
Subject Site
Oak Park Elementary School
4
Selmon Expressway 32,533 VPD
Interstate 4 155,000 VPD
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4
N 50th St 40,500 VPD
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2502 N 50th Street | Tampa, FL 33619
Wawa (Ground Lease)| Tampa, FLOffering Memorandum
E ColumbusN 50th St
4 Subject Site
40,500 VPD
155,000 VPD
21,500 VPD
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Wawa (Ground Lease)| Tampa, FLOffering Memorandum
Tampa, FLTampa is a city in the U.S. state of Florida. It serves as the county seat for Hillsborough County and is located on the west coast of Florida, on Tampa Bay near the Gulf of Mexico.
Tampa is a part of the metropolitan area most commonly referred to as the Tampa Bay Area. Tampa is part of the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. The four-county area is composed of roughly 2.7 million residents, making it the second largest metropolitan statistical area (MSA) in the state, and the fourth largest in the Southeastern United States, behind Miami, Washington, D.C., and Atlanta. The Greater Tampa Bay area has just over 4 million residents and generally includes the Tampa and Sarasota metro areas. The Tampa Bay Partnership and U.S. Census data showed an average annual growth of 2.47 percent, or a gain of approximately 97,000 residents per year. Between 2000 and 2006, the Greater Tampa Bay Market experienced a combined growth rate of 14.8 percent, growing from 3.4 million to 3.9 million and hitting the 4 million people mark on April 1, 2007.
Tampa has a number of sports teams, such as the Tampa Bay Buccaneers of the National Football League, the Tampa Bay Lightning of the National Hockey League, and the Tampa Bay Storm of the Arena Football League. The Tampa Bay Rays in Major League Baseball and the Tampa Bay Rowdies of the North American Soccer League play their home games in neighboring St. Petersburg, Florida.
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Market Overview
Wawa (Ground Lease)| Tampa, FLOffering Memorandum
Radius 1 Mile 3 Miles 5 MilesPopulation2017 Population 4,647 59,849 205,956
2022 Population 4,887 63,672 221,428
2010-2017 Annual Rate 0.64% 0.92% 1.29%
2017-2022 Annual Rate 1.01% 1.25% 1.46%
2017 Male Population 49.5% 49.1% 49.3%
2017 Female Population 50.4% 50.9% 50.7%
2017 Median Age 33.3 34.3 34.1
Households2017 Total Households 1,508 21,167 80,065
2022 Total Households 1,580 22,542 86,425
2010-2017 Annual Rate 0.44% 0.87% 1.40%
2017-2022 Annual Rate 0.94% 1.27% 1.54%
2017 Average Household Size 2.82 2.74 2.46
Median Household Income2017 Median Household Income $29,891 $29,882 $38,764
2022 Median Household Income $30,789 $31,552 $43,025
2017-2022 Annual Rate 0.59% 1.09% 2.11%
Average Household Income2017 Average Household Income $40,413 $43,238 $58,388
2022 Average Household Income $44,769 $49,412 $67,162
2017-2022 Annual Rate 2.07% 2.71% 2.84%
Per Capita Income2017 Per Capita Income $14,884 $16,228 $23,662
2022 Per Capita Income $16,080 $18,370 $27,113
2017-2022 Annual Rate 1.56% 2.51% 2.76%
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Demographics
Wawa (Ground Lease)| Tampa, FLOffering Memorandum
WawaTampa, FLSold Price $6,000,000 Cap Rate 4.60%Sold on 8/10/2017
WawaPort St. Lucie, FLSold Price $3,845,000 Cap Rate 4.55%Sold on 7/19/2017
WawaLakeland, FLSold Price $4,800,000 Cap Rate 4.65%Sold on 7/10/2017
WawaVenice, FLSold Price $5,263,700 Cap Rate 4.55%Sold on 1/31/2017
WawaOviedo, FLSold Price $6,000,000 Cap Rate 4.55%Sold on 1/1/2017
WawaVero Beach, FLSold Price $5,055,000 Cap Rate 4.55%Sold on 12/16/2016
WawaOrlando, FLSold Price $3,000,000 Cap Rate 4.50%Sold on 10/20/2016
WawaStuart, FLSold Price $5,088,000 Cap Rate 4.50%Sold on 9/16/2016
Recent Sales Comparables
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Wawa (Ground Lease)| Tampa, FLOffering Memorandum
PATRICK NUTT MANAGING PARTNER
(954) 302-7365 [email protected]
Who Are We? Calkain Companies LLC is a national commercial real estate firm that provides consulting and brokerage services to both private and institutional clientele with an expertise on triple net lease investments. We pride ourselves on being a world class leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, estate planning and wealth management.
We have built solid relationships throughout our decades of experience and innovation, implementing long-term allocation within the context of each client’s particular risk tolerance and identifying how best to acquire and dispose of income producing properties for each entities’ specific set of investment criterion. At Calkain, our foresight and past performance are leading the net lease investment industry.
Our HistoryLike most success stories, Calkain was formulated from humble beginnings. Jonathan W. Hipp, President and CEO, took the initiative to build upon his decades of experience and performance and left a large international brokerage firm to become an independent and innovative leader within the triple net lease investment community. Armed with a sole employee and a single office, the firm has grown exponentially since its infancy in 2005.
With the growth in staff, seasoned professionals have been attracted to Calkain’s model of innovation, entrepreneurship and the fostering of long-lasting and meaningful relationships. Industry experts have joined Calkain in the hopes of implementing the skills they have honed in complementary aspects of real estate investment.
Through a tremendous endeavor, tireless hours have been committed to continually prove that Calkain is America’s Net Lease Company®. Its countless accolades received from the world’s leading business publications, including Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a true leader in triple net lease investing services.
Client Testimonial
“USRA has worked with Calkain on numerous occasions. They have always been meticulous in their work ethic, providing superior service and extremely prompt attention to our needs. I highly recommend them.
–Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)
$11.5 Billion in Closed Transactions
$350 Million
in Active Listings
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C A L K A I N .C O MC A L K A I N .C O M
About Calkain
DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regula-tions, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
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