A joint venture partnership between Provco, Goodman Properties and Pineville Properties has sold a five-building retail portfolio totaling 24,867 square feet in Richmond, Va., markets. The properties are under long-term, triple-net leases with convenience store operator Wawa.
The sales price was $35.2 million.
The buyer purchased the assets in a 1031 exchange transaction.
Wawa, Inc., is a privately held company based in Wawa, Pa., with a chain of more than 850 convenience retail stores, more than 600 of which offer gasoline. The company employs more than 35,000 people and operates its stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C. The portfolio comprises properties at 6001 Iron Bridge Road in Richmond; 8800 Brook Road in Glen Allen; 3840 N. Bailey Bridge Road in Midlothian; and 600 E. Hundred Road and 11021 Iron Bridge Road in Chester. Completed between 2000 and 2001, each store is in a high-traffic area with stron
