100% Leased Five-Tenant Strip Center

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a multi-tenant strip center, referred to as Villa Monterey (the “Property”) in Wilmington, Delaware, just twenty-five (25) miles southwest of Philadelphia. Villa Monterey is 100% occupied by five tenants, with an average lease term remaining of 6 years. Wawa has been at this location since the ‘60s. The weighted average tenure amongst the five tenants is 25 years. Villa Monterey is anchored by Pep Boys and Wawa, two tenants with a large presence in the northeast and headquartered within the Philadelphia MSA. Wawa is an investment-grade credit tenant (Fitch: BBB) with over 1,000 locations and growing. Pep Boys also has over 900 locations nationwide. About 40% of the tenancy is investment grade credit rated in Wells Fargo and Wawa. Wells Fargo (S&P: A+) recently signed a 5-year lease for their walk-in ATM.

The property is located less than one mile (1 mi.) from Exit 9 off Interstate 95, a major north-south highway boasting 61,400 VPD. Additionally, Interstate 495, which boasts 67,000 VPD, is also nearby. Wilmington is part of the Philadelphia MSA that is home to a population of over 6.25 million people, ranking 7th among all metropolitan areas in the United States. Furthermore, the five (5) mile area surrounding the property boasts excellent demographics with a population of over 182,000 and 77,000 households. Within the same area, the average household income exceeds $112,000. Wilmington is also known as the “Corporate Capital of America” with many large companies operating within the area. Less than one mile (1 mi.) along Philadelphia Pike, Black Rock, a major U.S. financial institution hosts operations and the Bellevue Office Park is home to BNY Mellon corporate offices as well as other large tenants including Cigna Healthcare, Berkley Technology Services, and Starr Wright USA.