BETHLEHEM, PA-Wawa Inc., the convenience store chain that takes its name from its headquarters city in Pennsylvania, has signed a 20-year lease for a 1.8-acre property at the intersection of E. Broad Street and Stefko Boulevard. Construction of a 4,000-sf Wawa store and gas station is under way by the owner and developer, identified only as Broad & Stefko LLC. The lease has an aggregate value of slightly more than $4.1 million.
Costas Hrousis of the Allentown office of Sperry Van Ness represented the owner, and Wawa spoke for itself. Hrousis says the property is located "on a corridor that has been designated the gateway to the City of Bethlehem." It is also across from a 120-unit retirement community and near the planned Sands Bethworks casino on the former Bethlehem Steel site.
Las Vegas-based Sands Corp. was just granted a Pennsylvania gaming license and will break ground for a $350-million casino and hotel in early spring. A second phase, containing a performing arts center and up to 1,200 residential units, is also planned at the site.
Wawa is one of the largest privately held convenience store chains in the US. It currently operates approximately 550 Wawa Food Markets in Pennsylvania, Delaware, Maryland, New Jersey and Virginia.
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