Real estate investors are buying into Wawa’s subs and relatively reasonably priced gasoline.
Toronto-based Northbridge Investment Management sold a building leased to Wawa in Fort Lauderdale for $7.28 million. The buyer is Promociones 96 Inc, which is tied to Juan Petrizzo of Boca Raton.
The building at 2620 West Broward Boulevard is within Riverbend Marketplace.
The property totals 75,438 square feet, equating to a sale price of $96.50 per square foot, records show.
JLL’s Michael Brewster, Brad Peterson, Marc Mandel and Steve Schrenk represented the seller in the deal.
Northbridge Investment Management had bought the property as part of a larger purchase of the 103,452-square-foot Riverbend Marketplace shopping center for $38.5 million in June.
Northbridge owns a number of grocery-anchored retail centers, including the Kendall Pointe shopping center, anchored by Aldi at 16500 Southwest 88th Street in Miami.
Wawa is a chain of more than 800 convenience stores and gas stations in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. The Wawa, Pennsylvania-based company is moving into South Florida at a rapid pace and said it expects to have more stores in Florida than in Pennsylvania or New Jersey.
In June, Banyan Development sold a Wawa location in Delray Beach for $6.84 million. In April, two principals of Coral Rock Development Group and a partner sold a property in Cutler Bay, where a Wawa is under construction, for $5.7 million.