September 13, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $5.95 million sale of a 4,585-square-foot, single-tenant retail building fully occupied by Wawa in the Montgomery County community of Gilbertsville, Pennsylvania.
The HFF team represented the buyer, a private investor who purchased the asset as part of a 1031 exchange.
The building is situated on 2.7 acres at 1111 Grosser Road in Gilbertsville, a community approximately 42 miles northwest of downtown Philadelphia and 25 miles southwest of Allentown. Completed in 2015, the building is leased to Wawa, a chain of more than 800 convenience retail stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C.
The HFF investment advisory team representing the buyer included managing director Marc Mandel and director Steve Schrenk.
According to HFF, “The Wawa purchase was the result of HFF executing across multiple product lines via a 1031 exchange. The buyer had recently sold an apartment property through HFF’s Philadelphia multi-housing team.”