$5.96 Million Sale of Wawa Property in Merritt Island Announced by SRS Real Estate Partners
By Space Coast Daily // February 27, 2025
Built in 2024, the 6,119-square-foot property is situated on 2.34 acres on Merritt Island
BREVARD COUNTY • MERRITT ISLAND, FLORIDA — SRS Real Estate Partners announced the $5.96 million sale of a Wawa property at 435 Merritt Island Causeway in Merritt Island.
Built in 2024, the 6,119-square-foot property is situated on 2.34 acres and has a new, 20-year, corporate-guaranteed lease in place.
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The SRS Capital Markets team of Patrick Nutt, William Wamble, Kyle Fant, and Britt Raymond, a Florida-based developer, represented the seller. The buyer was a private investor in a 1031 tax-deferred exchange and an existing landlord to Wawa at multiple other locations. The closing cap rate was 4.69%.
“This site is ideally located in a busy retail corridor fronting E. Merritt Island Causeway and provides the buyer with a long-term, cash-flowing investment with no landlord responsibilities. Densely populated areas of Florida continue to be hotbeds for investor activity as the state attracts business and residents who enjoy no state income tax,” said Wamble.
There are more than 1,040 Wawa stores in the United States, and this established convenience store and gas brand continues to build new locations. SRS Nutt and Wamble remain the most active and experienced brokers nationally in the Wawa marketplace, having executed more than 125 transactions of Wawa leased investment properties.
