New Jersey Wawa sold for $6.5 million

In many people’s minds, a trip to the Jersey Shore is associated with a brand new convenience store and gas station, and now the Wawa store in Ocean County has officially changed hands as it has a new owner.

Marcus & Millichap, a commercial real estate brokerage specializing in investment sales, recently announced the sale of a net-leased Wawa property in Lakehurst, N.J. Located at 604 Pine Street, Wawa was built in 2023 on a 20-year lease and features 16 premium gas pumps and a state-of-the-art convenience store.

The entire property was sold to an undisclosed buyer for $6.5 million. The Philadelphia office of Marcus & Millichap had exclusive agency to market the property, and New Jersey-based broker of record John Horowitz assisted in the transaction.

“We are pleased to announce the closing of this exceptional asset located in Ocean County,” said Derrick Dougherty, Senior Vice President of Investments. “Our team has been on the forefront of information as convenience store activity has recently picked up. This is the third Wawa transaction we have completed in the past three months.”

The Wawa property is strategically located on the border of a major roundabout along Highway 70, with an average daily traffic volume of approximately 21,000 vehicles. Other national retailers nearby include ShopRite, Lowe’s and Dollar Tree.

“This is a classic case of West Coast capital coming to the East Coast to acquire a top tenant and add it to their portfolio,” said Woodward, vice president of investments. “The professionalism and execution by all parties involved is commendable.”

Over the years, Wawa has had a strong presence in South Jersey, Delaware, Pennsylvania and Maryland; Significantly The area has become a hot spot in northern New Jersey in recent years.