Banyan Development sells new Wawa in Delray Beach
Banyan Development sold a new Wawa location in Delray Beach for $6.84 million, or the equivalent of roughly 6.84 million cups of Wawa coffee.
Boca Raton-based Banyan Development sold the 6,119-square-foot Wawa at 10100 Atlantic Avenue for about $1,117 per square foot, records show. A company tied to Kenneth Gaul of Port Jefferson, New York, bought the property.
Banyan Development has a 20-year ground lease with six five-year renewal options. Wawa is expected to open this month.
Marcus & Millichap’s Alan Lipsky, Barry Wolfe and Ashley Barrett brokered the sale.
Banyan Development is also building Shop Delray, a 34,000-square-foot retail development at the corner of Lyons Road and West Atlantic Avenue. It has developed a number of grocery-store anchored projects in South Florida as well as Mission Bay Plaza, a 281,000-square-foot retail center in Boca Raton.
Wawa is expanding rapidly in South Florida and recently said it expects Florida to have more stores than Pennsylvania and New Jersey. It currently has more than 160 stores in Florida.
Recently, Pebb Enterprises and Banyan Development paid $12 million for a site at 6405 and 6495 Boynton Beach Boulevard in Boynton Beach, where they plan to build a Wawa.
Source: The Real Deal