
Belleair Bazaar
2979 W Bay Dr, Belleair Bluffs, FL
3,612 sm
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to offer the opportunity to acquire the brand-new construction Wawa located at the corner of 45th Street & North Military Trail in West Palm Beach, Florida ("Property" or "Asset"). The Property is situated on a large, 1.49-acre parcel that features 16 fuel pumps. Wawa will operate on a 20-year absolute NNN ground lease with 8.0% rent escalations every 5-years starting in the 11th lease year and continuing throughout all six, five-year renewal options.
Wawa is the 3rd largest privately owned convenience and gas chain in the U.S. and the 22nd largest privately owned company in the U.S. with over 1,130 locations and $18.4 billion in revenue in 2024.
Situated in Southeast Florida, about 7 miles northwest of downtown West Palm Beach, Wawa is positioned at the signalized intersection of 45th Street & Military Trail with direct visibility to more than 105,000 vehicles per day, which aligns with Wawa's strategic site selection criteria. The Property sits on a dense commercial corridor with national retailers such as Sam’s Club, Walmart Supercenter, Bank of America, Taco Bell, Autozone Auto Parts, among others. The Asset is also proximate to the Palm Beach Lakes Community High School, with over 2,790 students enrolled annually. Within a 5-mile radius, the population stands at ~230,000 with an average household income of $108,000 and has experienced explosive population growth of 22%.
Adjacent to the Property is a dense residential corridor with 12 apartment developments with a combined 3,376 units. Also adjacent to Wawa is Cucti Park of the Palm Beaches, a 160-acre sports park where the Houston Astros & Washington Nationals spring train; Rapids Water Park, a 30-acre regional water park owned by CNL Lifestyle Properties REIT; and Thomas H. Corey VA Medical Center, a 330-bed health system with over 30 university affiliates.
This opportunity offers investors steady, long-term passive income through a leading convenience and gas retailers' strategic expansion into the booming West Palm Beach market.