FORT LAUDERDALE, FL—Northbridge Investment Management has sold a 1.7-acre, single-tenant parcel here to Promociones 96, a private investor in the area. JLL Capital Markets closed the $7.28 million sale of the parcel, which is ground leased to Wawa, a convenience store.

"There was a lot of interest because of the quality of the location, being near I-95 and near downtown Fort Lauderdale," JLL Capital Markets Director Michael Brewster tells GlobeSt.com. "It is a very captive shopping center for retail because of how dense the area is and its proximity to the beaches as well.

Wawa is a chain of more than 800 convenience retail stores and more than 27,000 employees located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. Completed in 2017, Wawa fronts Riverbend Marketplace, a new regional shopping center. Situated on a 1.7-acre site at 2620 West Broward Boulevard, Wawa at Riverbend Marketplace is located on the "going-to-work" side of West Broward Boulevard, and the building is visible to nearly 60,900 vehicles per day at the hard corner intersection of West Broward Boulevard and SW 27th Avenue. The property is two miles from downtown Fort Lauderdale where the daytime population is 98,000 and the average home value is $602,000. Over 172,000 residents earning an average annual household income exceeding $73,000 live within a three-mile radius of Wawa at Riverbend Marketplace.

Brewster says this is the second Wawa his team has sold this year. He says most locations sell for between $3 million and $5 million. Nationally, JLL has four other Wawas on the market.

"Wawa at Riverbend Marketplace is located at a hard corner along one of the busiest roads in Broward county, and it's easily accessed by commuters going to downtown Fort Lauderdale," Brewster said. "The proximity to I-95, downtown, the beaches and rare big-box Fort Lauderdale retail made this a special offering with phenomenal long-term value."

Instant Insights /

Northbridge Sells Wawa Parcel Located in "Captive" Shopping Center

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