“Generational real estate”: Family office buys Wawa in Miami-Dade’s Fontainebleau
New York-based Kit Realty paid $10M for gas station and convenience store built last year
Ferber Company sold a recently completed Wawa in Miami-Dade County’s Fontainebleau neighborhood.
Kit Realty, a New York-based family office managed by Diane Macari, paid $9.8 million for the gas station and convenience store at 7870 West Flagler Street, records and Vizzda show.
Patrick Nutt with SRS Real Estate Partners listed the property on behalf of Ferber, a Ponte Vedra Beach-based real estate development firm led by Chairman Paul Ferber.
Ferber assembled the site’s three vacant lots totaling one acre between 2020 and 2021, paying a combined $5.7 million, records show.
Last year, Ferber completed the single-story, 4,736-square-foot building and gas pumps. Wawa’s 20-year lease commenced in December, records show. The national fuel retailer is paying an annual base rent of $415,000, with an 8 percent increase every five years commencing in the 11th year, according to an offering memorandum.
The gas station and convenience store hit the market between the first and second quarters of last year, and with an asking price of $10.4 million, Nutt said. “We went under contract not long after that,” he said. [Kit Realty was] looking to reinvest capital into a net lease property.”
Kit has been on the hunt for new standalone retail properties in Florida, Nutt said. In December, the family office paid $7 million for a commercial building in Fort Lauderdale that was completed last year, records show. Kit scouted other gas stations in South Florida, but the Fontainebleau Wawa was “their favorite,” Nutt said.
“Not only are they getting an investment grade tenant, but also a best-in-class location,” he said. “It checks all the boxes for generational real estate.”
Kit’s Macari did not respond to a voicemail seeking comment.
Nutt, who specializes in gas stations and other single-tenant retail properties, has brokered more than 80 Wawas in South Florida, he said. In 2021, he represented Ferber when the company sold a pair of Wawas in Fort Lauderdale and Hialeah Gardens for a combined $22 million.
Gas stations are considered safe retail real estate bets for small family offices and institutional investors alike. In December, Los Angeles-based First Financial Capital paid $28.8 million for a Mobil gas station and convenience store in Miramar.