Marcus & Millichap Arranges Florida Retail Sale
- Jul 22, 2020
Marcus & Millichap’s The Babb Group has brokered the $5.7 million sale of Gainesville Wawa, a 5,636-square-foot net-leased retail asset in Gainesville, Fla. Shawn Rupp, Casey Babb and Luis Baez secured and represented the buyer, a private investor. The seller was RMC Property Group, according to public records.
Opened this April, Gainesville Wawa occupies 2.5 acres at 2373 SW Archer Road, having three access points along Old Archer Road. The developer broke ground on the asset last October, after paying $3.2 million for the land parcel in 2018, public records show. The property is fully leased to Wawa under a 20-year, triple-net contract.
Gainesville Wawa is roughly 3 miles southwest of downtown Gainesville, alongside one of the city’s most trafficked roads, with Interstate 75 some 2 miles away. The convenience store is less than 1 mile from University of Florida College of Veterinary Medicine. Malcolm Randall VA Medical Center and UF Health are also close by.
In April, a Marcus & Millichap team arranged the sale of a 93,650-square-foot retail center and an adjacent 3,346-square-foot building net leased to Compass Bank in Fort Walton Beach, Fla. First Vice Presidents of Investments James Medefind and Cory Gross assisted the seller and procured the two buyers.