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OFFERING MEMORANDUM
Andrew FallonExecutive Managing Director703.787.4733 | [email protected]
WAWA (Ground Lease)Hackettstown, NJ
Broker of RecordStevenM. Savlov | Savlov Properties, LLCBroker #7865709
Patrick NuttManaging Partner954.302.7365 | [email protected]
Rent ScheduleTerm Increases Annual Rent Monthly Rent
12/16/2018 – 12/31/2023 Years 1-5
- $275,000.00 $22,916.67
1/1/2024 – 12/30/2028 Years 6-10
10% $302,500.00 $25,208.33
1/1/2029 – 12/30/2033 Years 11-15
10% $332,750.00 $27,729.17
1/1/2034 – 12/30/2038 Years 16-20
10% $366,025.00 $30,502.08
1/1/2039 – 12/30/2043 *Years 21-25
10% $402,627.50 $33,552.29
1/1/2044 – 12/30/2048 *Years 26-30
10% $442,890.25 $36,907.52
1/1/2049 – 12/30/2053 *Years 31-35
10% $487,179.28 $40,598.27
1/1/2054 – 12/30/202058 *Years 36-40
10% $535,897.20 $44,658.10
1/1/2059 – 12/30/2063 *Years 41-45
10% $589,486.92 $49,123.91
1/1/2064 – 12/30/2068 *Years 46-50
10% $648,435.62 $54,036.30
Asking Price$5,975,000
Cap Rate 4.60%
305 Mountain AveHackettstown, NJ 07840
Investment Highlights
• Brand new 20-year corporate ground lease
• Investment grade tenant – Fitch rated BBB
• 2-acre hard corner location at lighted intersection
• Adjacent to Lowe’s anchored shopping center
• 10% rent bumps every 5 years
*Options
Asset Summary
Net Operating Income (NOI) $275,000.00
Rent/Month $22,916.67
Rentable Square Feet 5,558+/- SF
Land Area 1.81+/- Acres
Tenant Wawa, Inc.
Website www.wawa.com
Credit Rating Fitch: BBB
Guarantor Corporate
Lease Type NNN Ground Lease
Landlord Responsibilities None
Est. Store Opening December 16, 2018
Lease Term 20 Years
Rent Commencement December 16, 2018
Lease Expiration December 31, 2038
Increases 10% Every 5 Years
Options Six (6), Five (5) Year
Parking 52 Spaces
Calkain Companies | 2
Wawa | Financial Summary
About WawaWawa Inc. is an American chain of convenience stores and gas stations.
Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Central Florida. The stores offer a large fresh food service selection, including Wawa brands such as built-to-order hoagies, freshly brewed coffee, hot breakfast sandwiches, built-to-order specialty beverages, and an assortment of soups, sides and snacks.
Wawa is your all day, every day stop for fresh, built-to-order foods, beverages, coffee, fuel services, and surcharge-free ATMs. A chain of more than 800 convenience retail stores (500 offering gasoline), over 165 of those are in Florida. They plan to open 50+ stores per year in 2018 and 2019.
Most stores are open 24 hours a day, 365 days a year.
Tenant SnapshotTenant Snapshot
# of Locations
802
Established
1964
Credit Rating
Fitch: BBB
2017 Revenue
$10Bil
# of Employees
28,700
Calkain Companies | 3
Tenant Overview
Hollywood
HACKETTSTOWN, NJ
PHILADELPHIA, PA
PRINCETON, NJ
ALLENTOWN, PA78
NEW YORK, NY
78
81
278
HARRISBURG, PATRENTON, NJ 95
95
Allentown, PA 41 miles
Princeton, NJ 43 miles
Trenton, NJ 54 miles
New York, NY 54 miles
Philadelphia, PA 79 miles
Harrisburg, PA 127 miles
Calkain Companies | 4
Location Overview
Distance To
Subject Site
Keep all map content (except background) above this margin for website cropping purposes
Mountain Ave 25,000 VPD
Centenary University
MARS CHOCOLATE Nearly half of the M&Ms sold in
the United States are produced in Hackettstown, NJ every year. The Mars
campus is spread out over 104 acres, at a site that used to be inhabited by a
farm. The plant alone measures 460,000 SF, but the compound also serves as the headquarters of Mars Chocolate North America, which manages a sea of candy
brands, from Dove bars to Twix.
305 Mountain Ave | Hackettstown, NJ 07840
Subject Site
Keep all map content (except background) above this margin for website cropping purposes
Mountain Ave 25,000 VPD
Zanes Car Wash
Mountain Ave 25,000 VPD
Multi-Family Site
305 Mountain Ave | Hackettstown, NJ 07840
Location Highlights
Four Access Points
25,000 VPD Pass the Site
Lowe’s Outparcel
C
lick fo
r Street View
Subject Site
Mountain Ave 25,000 VPD
Zanes Car Wash
Multi-Family Site
Calkain Companies | 7
Site Plan
Subject Site
1 Mile 3 Miles 5 MilesPopulation2018 Population 8,151 29,351 48,888
2023 Population 8,208 29,405 49,161
2018 Median Age 36.9 40.3 40.5
Households2018 Total Households 3,095 10,882 17,819
2023 Total Households 3,117 10,883 17,889
Median Household Income2018 Median HH Income $68,955 $84,433 $88,988
2023 Median HH Income $77,360 $93,695 $99,207
Average Household Income2018 Average HH Income $95,047 $111,997 $120,035
2023 Average HH Income $109,572 $128,275 $137,005
Population 48,888
Median Age 40.5
Avg HH Income $120,035
Total Businesses 1,728
Total Employees 21,128
Net Worth $211,516
5 Mile Radius | Demographics
Location Overview, 1/3/5 Miles
Calkain Companies | 8
About UsCalkain Companies LLC is a boutique commercial real estate investment banking firm that provides consulting and brokerage services to both private and institutional clientele with a focus on single tenant net lease investments. It prides itself on being an innovative leader by providing its clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, debt and equity placement and wealth management.
Calkain has built solid, lasting relationships that have been the cornerstone of how they do business. Calkain approaches each assignment with an eye toward each client’s individual needs. Whether private or institutional investors, Calkain delivers real estate solutions that maximize value while building wealth for all of its clients.
At Calkain, their foresight and innovation are leading the net lease investment industry.
Building a solid foundation for your investment portfolio
calkain.com
Disclaimer: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
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