WAWA Jacksonville 5735 Philips Hwy

The subject property is a 5,735 square-foot Wawa convenience store with gas-station (16 fueling stations and 12 Tesla Superchargers) located in Jacksonville, Florida. Jacksonville, which is part of the Jacksonville Metro Area, is the largest city by population in Florida with over 1,330,000 residents. Wawa signed a 20-year lease, which commenced in November 2019, leaving approximately 15.50 years remaining on the tenant’s initial lease term. The lease features extremely attractive 5% rent increases every 5 years throughout the remaining primary term, and between each of the six, five-year renewal options. The Tenant operates under a highly passive absolutely NNN ground lease with zero landlord responsibilities for operating or capital expenses.