LOXLEY, ALA. — Marcus & Millichap’s Taylor McMinn Retail Group has negotiated the sale of a newly constructed gas station and convenience store in Loxley, an eastern suburb of Mobile, Ala. Wawa occupies the retail property on a 20-year lease that features 7 percent rental increases starting in year 11 of the initial term and extension options.
An investor purchased the property for an undisclosed price in a 1031 exchange all-cash from an Alabama-based development firm. Both parties requested anonymity. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group brokered the transaction.
“This marks our third Wawa closing in Alabama,” says McMinn. “As the third brokerage team engaged to market the property, we drew on our platform’s reach and extensive investor network to bring the transaction to a successful close at 97 percent of list price despite challenging market conditions.”