Patrick Nutt Closes His 23rd Net Lease Wawa Transaction
Fort Lauderdale, FL – Calkain Companies brokered the $6.13M sale of a Wawa located at 1771 S Congress Avenue in West Palm Beach, Florida. Patrick Nutt, Managing Partner, and Scott Campbell, Associate Director at Calkain, represented the seller in this most recent Wawa transaction. With new construction and 20 year ground leases, the stability of Wawa lends itself to be a solid fixed income investment.
Wawa is a highly sought after investment grade national tenant, ranked #40 in Forbes top private companies with $9B in revenue. Having closed two Wawa deals in July, and this being his second in August, it marks the 23rd Wawa transaction for Nutt, making him the go-to source for net lease Wawa investments.
“Investors like long term, passive leases with credit worthy tenants in prime locations….but investors LOVE when this all comes together with a tenant executing a great business model at a high level,” states Nutt. He continues,“ Wawa’s average store sales volumes are best in class, their corporate culture is so highly regarded that Harvard Business Review featured a white paper on them, and the quality of the in-store offerings (from fresh brand name coffee to their signature hoagies) drives inside sales that tops all QSR and fast-casual brands in the restaurant sector.”
According to Calkain research, Nutt achieves an aggressive 20 basis point cap rate edge in pricing for his clients, demonstrating his ability to execute “better than market” deals. With their methodical approach to growth in Florida, Nutt will be bringing several more Wawa investment opportunities to market this fall. He currently has several Wawa locations under contract and has five additional listings actively on the market.
Calkain Companies is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, debt placement, equity placement, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at www.calkain.com.