1205 Broadway
1205 Broadway St, Vancouver, WA, 98660-3238, US
1,238 sm
Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the ground lease interest in the single-tenant Wawa (the “Property” or “Asset”) located at 741 East Broad Street in Bethlehem, PA. The building totals roughly 4,778 SF situated on 1.77 acres of land. The offering features a brand-new 20-year lease extension with 5 x 5-year renewal options and 10.0% rent increases every 5-years and a near term increase in 2026. The lease structure operates as a ground lease, offering investors long-term cash flow with no landlord expenses.
The Asset is located in Bethlehem, PA just north of Lehigh University, a well-known higher education institution with over 7,000 undergraduate students. The city is situated near Allentown in Northampton and Lehigh Counties in the Lehigh Valley region of eastern Pennsylvania. The Property is well-positioned on the hard corner of Broad St and Stefko Blvd, which yields 40,825 vehicles per day. Within a 5-mile radius of the site there are over 160,000 residents with an average household income of over $100K.
Over the past 5 years Wawa, Inc. (the “Tenant”) has reinvested nearly $3MM into the space. The Tenant fully renovated the entire inside of the store and added an ethanol free tank and replace and added new fuel distribution lines and Multiple Product Dispensers.
The Offering provides investors with the opportunity to acquire over 20 years of passive cash flow from an expanding retail tenant with a near term rent bump in 2026.