Deb Vannelli and Amandea Leathers of Minneapolis-based Upland Real Estate Group recently closed the sale of a Wawa convenience store ground lease in Chantilly, Virginia, for a record cap rate of 4.24 percent to a local all-cash 1031 buyer.
The property has 15-and-a-half years remaining on the lease and includes a 10 percent increase every five years and four five-year renewal options.
Wawa owns and runs more than 800 convenience stores.
