Wawa and Pep Boys Anchored 5 Tenant Strip Center
Wilmington, DE
The Opportunity
Summary
- Price: $4,500,000
- Cap Rate: 7.10%
- NOI: $318,942
- Building Size: 16,250 SF
- Parcel Size: 0.98 Acres
- Occupancy: 100%
- WALT: 24+ Years
- Avg. Remaining Term: 5 Years
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 miles southwest of Philadelphia. Villa Monterey is 100% occupied by five tenants, all of which reimburse for taxes, insurance, and common area maintenance (CAM). The weighted average tenure amongst the five tenants is 24.1 years. Villa Monterey has been anchored by Wawa and Pep Boys for a combined sixty plus years, creating an identity within the submarket. Both Wawa and Pep Boys are headquartered within the Philadelphia MSA and have a large presence in the Northeast. Wawa is an investment-grade credit tenant (Fitch: BBB) with over 1,000 locations and growing. Pep Boys also has over 900 locations nationwide. 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 mile area surrounding the property boasts excellent demographics with a population of over 182,000 and 76,000 households. Within the same area, the average household income exceeds $102,000. 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.