Wawa EXCLUSIVE LISTING (Ground Lease) | Maplewood, NJ€¦ · Hoboken, NJ 15 miles Morristown, NJ...

Wawa (Ground Lease) | Maplewood, NJOffering Memorandum

PATRICK NUTT MANAGING PARTNER

(954) 302-7365 [email protected]

ANDREW FALLONEXECUTIVE MANAGING DIRECTOR


Actual Site

EXCLUSIVE LISTINGOffering Memorandum

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C A L K A I N .C O MC A L K A I N .C O M

Wawa (Ground Lease) | Maplewood, NJ

BROKER OF RECORDSTEVEN M. SAVLOVSAVLOV PROPERTIES, LLCBroker #7865709


1511 Springfield Ave | Maplewood, NJ 07040

Asking Price $6,180,000 | Cap Rate 4.45%

Net Operating Income (NOI) $275,000

Rent/Month $22,917

Rentable Square Feet 5,600+/- SF

Land Area 1.7+/- Acres

Parking Spaces 56

Tenant Name Wawa

Website wawa.com

Credit Rating Fitch: BBB

Guarantor Corporate

Lease Type Ground Lease

Landlord Responsibilities None

Lease Term Remaining 20 Years

Store Grand Opening December 16, 2016

Lease Expiration December 31, 2036

Increases 10% Every 5 Years

Options Six (6), Five (5) Year

Investment Highlights • Brand new 20 year Wawa ground lease

• Adjacent to Bank of America and close to the New Jersey Transit

• Combined traffic count of 32,287 VPD

• Population of over 291,316 people with average HH income of $81,716 within 3 mile radius of the property

• Essex County’s only Wawa location

Rent Schedule

Term Increases Annual Rent Monthly RentYears 1-5 - $275,000 $22,917

Years 6-10 10% $302,500 $25,208

Years 11-15 10% $332,750 $27,729

Years 16-20 10% $366,025 $30,502

Years 21-25 (Option 1) 10% $402,628 $33,552

Years 26-30 (Option 2) 10% $442,890 $36,908

Years 31-35 (Option 3) 10% $487,179 $40,598

Years 36-40 (Option 4) 10% $535,897 $44,658

Years 41-45 (Option 5) 10% $589,487 $49,124

Years 46-50 (Option 6) 10% $648,436 $54,036

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Financial Summary


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Tenant Overview

Tenant Snapshot

# of Locations 750+

Credit Rating Fitch: BBB

2016 Revenue $9.68B

About WawaWawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey.

Today, Wawa is your all day, every day stop for fresh, built-to-order foods, beverages, coffee, fuel services, and surcharge-free ATMs. A chain of more than 750 convenience retail stores (500 offering gasoline). They plan to open 50+ stores per year in 2017 and 2018.

Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Central Florida. The stores offer a large fresh food service selection, including Wawa brands such as built-to-order hoagies, freshly brewed coffee, hot breakfast sandwiches, built-to-order specialty beverages, and an assortment of soups, sides and snacks.

Most stores are open 24 hours a day, 365 days a year.


Site Photos

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Site Photos

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Site Photos

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Distance To:Newark, NJ 6 miles

Chatham, NJ 8 miles

Hoboken, NJ 15 miles

Morristown, NJ 16 miles

New York, NY 17 miles

Brooklyn, NY 22 miles

Manhattan, NY 23 miles

New Brunswick, NJ 27 miles

New Brunswick, NJ

New York, NY

Location Overview

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95

John F. KennedyInternational

Airport

Newark, NJ

Morristown, NJ

Chatham, NJ Hoboken, NJ

Mahhattan, NY

Brooklyn, NY

Subject Site

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1511 Springfield Ave | Maplewood, NJ


I-78 ExpressBoxed Wholesale

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Subject Site

Florence Avenue Elementary School

Union Avenue Middle School

Madison Avenue Elementary School

Springfield Ave 20,210 VPD

Chancellor Ave 12,077 VPD

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1511 Springfield Ave | Maplewood, NJ


Springfield Ave 20,210 VPD Chancellor Ave 12,077 VPDJacoby St

Subject Site

Vanguard Direct

Avalon Bay Apartments235 Units

Maplewood Community Pool

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Springfield Ave 20,210 VPDChancellor Ave 12,077 VPDJacoby St

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Site Plan


Radius 1 Mile 3 Miles 5 MilesPopulation2017 Population 50,636 291,316 701,921

2022 Population 52,041 298,799 721,582

2010-2017 Annual Rate 0.50% 0.45% 0.50%

2017-2022 Annual Rate 0.55% 0.51% 0.55%

2017 Male Population 47.2% 46.4% 47.9%

2017 Female Population 52.8% 53.6% 52.1%

2017 Median Age 36.8 36.8 36.3

Households2017 Total Households 17,810 102,939 246,273

2022 Total Households 18,236 105,212 252,323

2010-2017 Annual Rate 0.39% 0.34% 0.39%

2017-2022 Annual Rate 0.47% 0.44% 0.49%

2017 Average Household Size 2.83 2.79 2.77

Median Household Income2017 Median Household Income $50,720 $52,278 $48,631

2022 Median Household Income $53,911 $55,853 $51,824

2017-2022 Annual Rate 1.23% 1.33% 1.28%

Average Household Income2017 Average Household Income $77,710 $81,716 $77,865

2022 Average Household Income $87,571 $91,938 $87,937

2017-2022 Annual Rate 2.42% 2.39% 2.46%

Per Capita Income2017 Per Capita Income $27,535 $29,343 $28,025

2022 Per Capita Income $30,877 $32,829 $31,437

2017-2022 Annual Rate 2.32% 2.27% 2.32%

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Demographics


In The News

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Maplewood, NJ: If Brooklyn Were a SuburbJust call it “Brooklyn West.”

That’s how many of the residents of Maplewood think of their town, especially those who have followed the typical migration pattern of moving from Manhattan to Brooklyn to Maplewood, which they see as an extension of the hip, cultured, community-involved lifestyle they’d grown accustomed to in New York.

“A lot of like-minded transplants have come here from various enclaves of the city seeking the same kind of life in a suburban setting, which happens to be a beautiful setting, with parks and rolling hills and colonial houses,” said Alexis Robie, a television producer who moved here from Greenwood Heights, Brooklyn, last October with his wife, Corie, and two young children. They bought a 1920 side-hall colonial with three bedrooms and one full and two half baths, paying $630,000.

Bonnie Ramsey, a recent arrival from Park Slope, Brooklyn, agreed, noting that she and her husband, Matt, and their three children were “welcomed with open arms” when they moved last November to this Essex County town of about four square miles. One set of neighbors invited them to a barbecue the day they arrived, while neighbors on the other side invited them to dinner the following evening.

“There’s such an amazing community of people who are artists or actors or work for great organizations,” said Ms. Ramsey, a pastry chef who is married to the associate director of live shows for the Blue Man Group. “And everyone’s a New Yorker, or from Brooklyn, so it feels very familiar.” They, too, bought a 1920s colonial, with four bedrooms and two-and-a-half bathrooms, for $555,000.

Last month, the Ramseys helped prepare for the annual block party on their street, stringing lights, pulling out lawn chairs and grills, and setting up the water-balloon and egg-toss games for the 60 to 70 neighbors expected to come out. On almost any given weekend in the spring and fall, similar block parties are happening around town, according to Mark Slade, an agent with Keller Williams

Mid-Town Direct Realty, himself a transplant from Brooklyn 17 years ago.

Citing the top three reasons home buyers choose Maplewood, Mr. Slade listed: “No. 1, the direct train into the city; No. 2, diversity; and No. 3, lifestyle.”

“Everybody feels comfortable living here,” he said. “If you’re in a mixed-ethnic marriage, or of mixed religions, you’re O.K., because that’s what we do here.” The 2010 census figures bear that out, tallying Maplewood’s 23,867 residents as 56 percent white, 35 percent black, 7 percent Hispanic and 3 percent Asian.

“Maplewood is definitely an NPR, Subaru Outback kind of place,” said Dan Calabro, an internal recruiter for JPMorgan Chase, who moved to Maplewood from Hell’s Kitchen in Manhattan with his wife, Christine, and their newborn son in December. The Calabros said they found a better selection in their price range in Maplewood than in other towns they considered, like Montclair and Summit, and ended up buying a three-bedroom one-and-a-half-bath colonial in the mid-$400,000s.

While properties tend to be smaller in Maplewood, this wasn’t a problem. “The houses being closer together make for a tighter-knit community,” Ms. Calabro said.

What You’ll FindMaplewood Avenue, the town’s commercial heart, maintains a small-town feel. Recent plans to turn a prime Maplewood Avenue site occupied by the United States Post Office into a mixed-use development led to a petition drive, drawing 600 signatures from those seeking more community involvement in the decision-making process. The project’s chosen developer pulled out in September after Kings supermarket, currently across the street, indicated it would not move into the new space, but the township is planning to go ahead with another developer.


In The News

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In addition to biannual art walks, community art centers and artists’ studios throughout town, Maplewood’s artistic nature is reflected in an underground passage leading to the train station, which has been painted with murals and mosaics by local artists and organizations.

What You’ll PayA recent search found 78 homes on the market, mostly center-hall or side-hall colonials built in the 1920s and 30s, with an average listing price of $475,860; the highest-priced was a six-bedroom 1927 brick colonial with three full and two half baths on 0.69 acres listed at $1.395 million and the lowest-priced a contemporary two-bedroom one-bath townhouse listed at $71,000. The average price of houses sold through September this year was $563,710, which was 102.7 percent of their asking price, compared with $461,284, or 99 percent of the average asking price, over the same period last year, according to Mr. Slade of Keller Williams Mid-Town Direct Realty. The average number of days on the market so far this year is just 22, compared with 63 days in 2013.

Condominiums include the Top, a high-rise luxury complex built in 1991, where four units recently on the market ranged in price from $375,000 to $600,000. Less luxurious condos in other developments start at less than $100,000 and range into the high $200,000s.

Two multistory rental complexes were built in 2013: Maplewood Crossing, with 126 apartments, where one-bedrooms start at $1,600 and two-bedrooms at $2,100, and the Station House, a 50-unit complex where one-bedrooms range from around $2,300 to $2,600 and two-bedrooms, around $3,200 to $3,600.

What to DoResidents gravitate to Maplewood’s bustling downtown, full of shops, restaurants and a movie theater, or to Memorial Park, 25 acres of ball fields, picnic areas,

tennis courts and playground. Here is where the town’s annual Maplewoodstock, a two-day music and art festival, takes place each July. Another popular summer spot is the Maplewood Community Pool, open to residents through a paid membership. The South Mountain Reservation, a 2,047-acre county park that is partly in Maplewood, has a zoo, an ice skating arena, a dog park, about 20 miles of footpaths and 27 miles of carriage roads. The town has two libraries, and a weekly farmer’s market runs from June through October.

The Burgdorff Center for the Performing Arts on Durand Road is home to performances and children’s classes by the Theater Project, among other programs.

The SchoolsMaplewood is part of the School District of South Orange and Maplewood, where children attend one of six public elementary schools, Maplewood or South Orange Middle School, and Columbia High School, which is in Maplewood. The high school prides itself in the diversity of its roughly 1,860 students, and in programs like its robotics club, which has gone to the world championships the last two years. The school offers 21 AP courses. Its average SAT scores for 2012-13 were 522 in reading, 540 in math and 521 in writing, compared with state averages of 495, 521 and 496.

The CommuteMaplewood is around 20 miles west of lower Manhattan, a drive of 35 to 45 minutes, traffic permitting, via Interstate 78 and the Holland Tunnel. New Jersey Transit trains go directly to New York’s Penn Station in about 35 to 40 minutes, or switch in Newark, taking about 45 minutes or more, with one-way tickets costing $7.25 and a monthly pass, $208. During rush hours a jitney takes commuters to and from the train station. New Jersey Transit buses run direct to Port Authority in about 50 minutes for $6.50 one way.

Resourse: nytimes.com | Octobe 8, 2014

https://www.nytimes.com/2014/10/12/realestate/maplewood-nj-if-brooklyn-were-a-suburb.html#


Maplewood, NJMaplewood is a suburban township in Essex County, New Jersey, United States. As of the 2010 United States Census, the township’s population was 23,867.

Maplewood is a diverse and family-friendly community. The township has a downtown area alternatively known as “the village” or “Maplewood Center” with a movie theater, several upscale and mid-scale restaurants, a small supermarket, independent café, two liquor stores, a toy store and an independent bookstore. The structure of the downtown is largely unchanged since the 1950s. Maplewood won New Jersey Monthly magazine’s Downtown Showdown in 2015, with the editor’s noting the community’s “myriad boutiques, art galleries and notable restaurants”. Maplewood has a significant gay population.

Maplewood counts among its residents a large number of theater professionals working in Broadway and off-Broadway productions, owing to the town’s convenient rail access and relatively short commute via train into Manhattan. In 2010, a group of 32 of these actors and technicians formed their own repertory theater company and named it Midtown Direct Rep, after the NJ Transit line on which they all commuted.

There are approximately 226 streets within Maplewood. Springfield Avenue is a state highway (Route 124, from Irvington to Morristown), and four thoroughfares are Essex County roads (Valley Street, Millburn Avenue, Irvington Avenue, Wyoming Avenue).

NJ Transit provides passenger rail service to Maplewood station on the Morristown Line and Gladstone Branch to Newark Broad Street Station, Secaucus Junction and New York Penn Station, with connecting service to Hoboken Terminal.

NJ Transit bus service to Newark on the 25, 37 and 70, and to the Port Authority Bus Terminal in Midtown Manhattan on the 107 route. Independent Bus provides bus service on its 31 route. The township operates the rush-hour Maplewood Jitney service to and from the train station.

Maplewood Municipal Building

Maplewood Village

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Market Overview


PATRICK NUTT MANAGING PARTNER


ANDREW FALLONEXECUTIVE MANAGING DIRECTOR


Who Are We? Calkain Companies LLC is a national commercial real estate firm that provides consulting and brokerage services to both private and institutional clientele with an expertise on triple net lease investments. We pride ourselves on being a world class leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, estate planning and wealth management.

We have built solid relationships throughout our decades of experience and innovation, implementing long-term allocation within the context of each client’s particular risk tolerance and identifying how best to acquire and dispose of income producing properties for each entities’ specific set of investment criterion. At Calkain, our foresight and past performance are leading the net lease investment industry.

Our HistoryLike most success stories, Calkain was formulated from humble beginnings. Jonathan W. Hipp, President and CEO, took the initiative to build upon his decades of experience and performance and left a large international brokerage firm to become an independent and innovative leader within the triple net lease investment community. Armed with a sole employee and a single office, the firm has grown exponentially since its infancy in 2005.

With the growth in staff, seasoned professionals have been attracted to Calkain’s model of innovation, entrepreneurship and the fostering of long-lasting and meaningful relationships. Industry experts have joined Calkain in the hopes of implementing the skills they have honed in complementary aspects of real estate investment.

Through a tremendous endeavor, tireless hours have been committed to continually prove that Calkain is America’s Net Lease Company®. Its countless accolades received from the world’s leading business publications, including Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a true leader in triple net lease investing services.

Client Testimonial

“USRA has worked with Calkain on numerous occasions. They have always been meticulous in their work ethic, providing superior service and extremely prompt attention to our needs. I highly recommend them.

- Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)

$11.5 Billion in Closed Transactions

$350 Million

in Active Listings

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C A L K A I N .C O MC A L K A I N .C O M

About Calkain

DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regula-tions, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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Wawa EXCLUSIVE LISTING (Ground Lease) | Maplewood, NJ€¦ · Hoboken, NJ 15 miles Morristown, NJ...

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