Offering Brochure - CBRE Marketplace

Brand New 20 Year Absolute NNN Ground Lease
Wawa
Fixed Rental Increases | No Landlord Management
Single-Tenant OPPORTUNITY – St. Cloud (Orlando Area), Florida
Representative Photo
FOR MORE INFORMATION CONTACT:
Mark Drazek
Senior Vice President
Net Lease Property Group
407.839.3123
mark.drazek@cbre.com
CBRE, Inc. | Licensed Real Estate Broker
CBRE
189 S. Orange Avenue
Suite 1900
Orlando, FL 32801

Confidential Memorandum & Disclaimer
This Offering Memorandum was prepared by CBRE, Inc. (“Broker”) solely for the use of prospective purchasers of Wawa – NWC U.S. Highway 192 and Old Hickory Tree Road,
St. Cloud, Florida (the “Property”). Neither the Broker nor the owner of the Property (“Owner”) makes any representation or warranty, expressed or implied, as to the completeness
or accuracy of the material contained in the Offering Memorandum.
Prospective purchasers of the Property are advised that changes may have occurred in the physical or financial condition of the Property since the time this Offering Memorandum or
the financial statements therein were made by Broker and not by Owner and are based upon assumptions or events beyond the control of Broker and Owner, and therefore may be
subject to variation. Other than historical revenue and operating expense figures for the Property, Owner has not, and will not, provide Broker or any prospective purchaser with any
income or expense figures, budgets, or projections regarding the Property. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive
review and analysis of the Property.
Wawa – NWC U.S. Hwy 192 & Old Hickory Tree Rd, St. Cloud, FL
The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Property. The Owner and Broker expressly reserve the right, at their sole discretion, to reject
any or all expressions of interest or offers to purchase the Property, and expressly reserve the right at their sole discretion, to terminate discussions with any entity at any time with
or without notice. The owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless
and until such offer for the Property is approved by owner pursuant to its Finance Committee authorities and the signature of the Vice President or Owner is affixed to a Real Estate
Purchase Agreement prepared by Owner. This Offering Memorandum is confidential. By accepting the Offering Memorandum, you agree (i) that you will hold and treat the Offering
Memorandum and its contents in the strictest of confidence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not disclose the
Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner, and (iv) that you will not use the Offering Memorandum in any
fashion or manner detrimental to the Owner or Broker.
© 2012 CBRE, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or
representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without
notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and
legal advisors should conduct your own investigation of the property and transaction. Licensed Real Estate Broker.
CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document
are the property of their respective owners.
Disclaimer

Executive Summary
Wawa – NWC U.S. Hwy 192 & Old Hickory Tree Rd, St. Cloud, FL
CBRE is pleased to present this brand new 20 year fee simple Wawa ground lease in St.
Cloud, FL (Orlando area). The new 5,559 SF building is under construction and expected
to be open and operating by April 1, 2013. The tenant is performing and paying for all
site work and construction, allowing for a low rent/price point and a significant vested
interest by the tenant. The lease is absolute NNN with fixed rental increases and no
landlord management obligations.
Wawa is the largest privately held convenient store operator in the United States with over
520 locations and is ranked #47 in Forbes list of top privately held companies.
Investment Highlights:
• Brand new 20 year fee simple ground lease
• Wawa – #47 in Forbes top private companies – $7B in revenue and $308M
operating income in 2011
• Fixed rental increases throughout entire lease term
• No landlord management obligations
• Low price point – Tenant paying for all improvements
• No debt to assume – Able to pay all cash
• FLORIDA IS A STATE INCOME TAX FREE STATE
Price: $1,414,285
Annual Rent: $74,250
Cap Rate: 5.25%
Tenant:
Wawa, Inc.
Rental Increases:
8% increases every 5 years including
options
Initial Lease Term:
20 years
Options:
(6) 5-year options
Rent Commencement: Anticipated Q4 2012
Landlord Obligations:
None – absolute NNN fee simple
ground lease
Existing Financing:
None
Building Size:
5,559± SF
Land Size:
1.964± Acres
Parking Spaces:
47 (8.45 spaces per 1,000 SF)
Gas Pumps:
8 stations
Year Built: Breaking ground in October 2012
Anticipated opening April 2013
Executive Summary
1

Aerial Photographs
Wawa – NWC U.S. Hwy 192 & Old Hickory Tree Rd, St. Cloud, FL
Starling Chevrolet
U.S. Hwy 192 (28,000 AADT)
Old Hickory Tree Rd (1,350 AADT)
Aerial Photographs
2

Site Plan
Site Plan
Wawa – NWC U.S. Hwy 192 & Old Hickory Tree Rd, St. Cloud, FL
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Wawa – NWC U.S. Hwy 192 & Old Hickory Tree Rd, St. Cloud, FL
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Wawa – NWC U.S. Hwy 192 & Old Hickory Tree Rd, St. Cloud, FL
Property Locator Maps
5

Property Locator Maps
Wawa – NWC U.S. Hwy 192 & Old Hickory Tree Rd, St. Cloud, FL
Property Locator Maps
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Demographics
1 mile radius 3 mile radius 5 mile radius
Wawa – NWC U.S. Hwy 192 & Old Hickory Tree Rd, St. Cloud, FL
Demographics
2011 Estimated Population 3,720 25,829 53,444
2016 Projected Population 4,394 30,112 62,740
2000 Census Population 2,521 18,022 33,628
1990 Census Population 1,873 14,138 22,812
Growth 2000-2011 47.57% 43.32% 58.93%
Growth 2011-2016 18.12% 16.58% 17.39%
2011 Estimated Households 1,368 9,517 19,588
2011 Est. Average Household Income $57,404 $54,421 $55,974
2016 Prj. Average Household Income $59,636 $56,105 $57,575
2000 Cen. Avg. Household Income $46,270 $44,883 $47,886
1990 Cen. Avg. Household Income $32,779 $30,667 $34,578
2011 Est. Average Household Size 2.74 2.69 2.70
2011 Est. Median Household Income $47,387 $46,897 $47,797
2016 Prj. Median Household Income $49,225 $48,318 $49,118
2000 Cen. Median Household Income $38,057 $38,338 $39,925
1990 Cen. Median Household Income $25,564 $24,820 $25,978
2011 Estimated Median Age 37.63 37.17 36.83
2011 Estimated Average Age 37.70 37.63 37.43
2011 Estimated Males 1,844 12,798 26,393
- Males Median Age 36.30 35.50 35.08
- Males Average Age 36.86 36.54 36.20
2011 Estimated Females 1,877 13,031 27,051
- Females Median Age 38.88 38.75 38.49
- Females Average Age 38.48 38.71 38.62
2011 Estimated Population by Race and Origin 3,720 25,829 53,444
- White Population 3,363 22,906 45,714
- Black Population 98 820 2,100
- Asian Population 42 330 699
- Pacific Islander Population 7 43 91
- American Indian and Alaska Native 25 138 311
- Other Race Population 91 910 2,973
- Two or More Races Population 95 682 1,556
- Hispanic Population 481 4,387 11,673
- White Non-Hispanic Population 3,093 20,336 38,958
2011 Est. Median Housing Value $140,017 $129,471 $140,152
2011 Est. Average Housing Value $163,129 $146,718 $157,760
Active Postal Delivery Counts 1,293 8,791 19,723
Possible Postal Delivery Counts 1,338 9,195 20,269
Employees 1,555 6,691 12,505
Establishments 254 965 1,629
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Tenant Description
Wawa, Inc.: www.wawa.com
Founded in 1803 by the Wood family and incorporated in 1865, Wawa, Inc. (the “Company” or “Wawa”) has roots in the manufacturing and
textile businesses. The first Wawa Food Market opened on April 16, 1964. Today, the Company operates approximately 570 convenience
stores, approximately 270 of which include a fuel offering, in Pennsylvania, New Jersey, Delaware, Maryland and Virginia. Wawa is a
privately held company, with a majority of the Company stock still owned by the Wood family. Company associates who participate in the
Employee Stock Ownership Plan have a nearly 30% ownership stake.
Wawa – NWC U.S. Hwy 192 & Old Hickory Tree Rd, St. Cloud, FL
Wawa offers a large fresh foodservice selection, including freshly brewed coffee, a wide selection of delicatessen and dairy products,
fresh produce, hot foods, built-to-order sandwiches and Wawa brands such as juices, teas, water and bakery products. The Company’s
revenue principally consists of fuel and merchandise sales. The Company operates a dairy manufacturing facility, producing Wawa branded
beverages and dairy products for distribution to, and sale in, its stores and to wholesale customers. The Company has a committed fuel
storage terminal for the purpose of both storing fuel for distribution to, and sale in, its stores and for holding and selling fuel in wholesale
markets.
Wawa has differentiated itself from its competitors by focusing on several key strategic areas:
• Delivering fast and friendly customer service in a safe and clean shopping environment;
• Promoting and developing Wawa-branded food, beverage and fresh food items;
• Maintaining world-class facilities by systematically opening new stores, closing marginal stores and remodeling older stores; and
• Maximizing operating efficiency by making significant investments in operations programs and technology.
Wawa exceeds industry norms in virtually every measurable category (Source: NACS State of the Industry Report of 2009 Data – most recent
industry data available)
• Wawa merchandise sales per store averaged $4.9 million for the year ended 2009 versus an industry average of $1.5 million for
2009
• Gasoline sales totaled 1.4 billion gallons for the year 2009, an average of 101,000 gallons per fuel store week or just under four
times the industry average of approximately 28,000 gallons per fuel store week in 2009
Tenant Description
8