Enter the "Deal room" for exclusive documents related to this property.
Jones Lang LaSalle Americas, Inc. (JLL) is pleased to exclusively offer the opportunity to acquire the fee simple interest in nearly four acres of real estate leased to three, pandemic-proof retailers along one of the most heavily traveled arteries in Wilmington, DE. This trophy asset is anchored by two investment grade tenants in Wawa and CVS Pharmacy, who have been in operation since 2013 and 2015, respectively. The two tenants both rank within the top 80% of their chain in terms of estimated foot traffic, demonstrating the strength of the location. Further, CVS Pharmacy is ranked 1st in the state of Delaware (Placer.ai). Greenhill Car Wash will commence their construction later this year and open towards the end of the 1st quarter of 2021. All three tenants are operating on long-term, NNN ground leases, offering investors a true, passive investment opportunity with no landlord responsibility. Each tenant also contains double-digit rental increases in their term or option periods, which will hedge against inflation.
- Wawa, CVS Pharmacy & Greenhill Car Wash (coming soon) are all operating on long-term NNN ground leases, resulting in a strong, pandemic-proof lineup of tenants and no landlord responsibility
- Each lease also features attractive, double-digit rental increases and multiple option periods
- The three tenants will be operating together on nearly four acres of land along Concord Pike (US-202). US-202, which boasts 48,000 VPD, is a main retail artery and commuter route for business and industry throughout the Philadelphia tri-state region
- The property is surrounded by a host of shopping destinations such as the Giant-anchored Concord Square, the Lowe’s and Target-anchored Brandywine Town Center, and Concord Mall, all of which are within two miles of the property and help further drive consumers to the area
- Due to this exceptional location, both Wawa and CVS Pharmacy had strong, 2019 national rankings within their chain in terms of estimated foot traffic. Wawa was ranked in the 86th percentile while CVS Pharmacy was ranked in the 80th percentile. This CVS Pharmacy was also ranked 1st in the state of Delaware, according to Placer.ai
- There is more than 1,000,000 square feet of office space within three miles of the property; over half of which is leased to publicly traded companies including Nemours, AstraZeneca, and Wells Fargo
- The property is located within an extremely affluent demographic area with a population over 170,000 within a 5-mile radius, coupled with an average household income over $140,000 within a 3-mile radius