Retail

Wawa, CVS Pharmacy & Greenhill Car Wash

4020-4030 Concord Pike Wilmington, DE United States 19803-1718
Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

Enter the "Deal room" for exclusive documents related to this property.

The Deal Room features confidential documents related to this property. To access the Deal Room, you will need to be logged in. If you don't have an account, please create one. More questions? Visit our FAQ.
I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area
Land Area ()

Property Description

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. 

Investment Highlights

  • 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
Last Updated Date: 17 Nov 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

+6620260615
Last Updated Date: 17 Nov 2020

Do you have any questions?  Visit our FAQ page

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.