Agree Realty Corp. in Bloomfield Hills has acquired Wawa’s flagship store in Philadelphia for $15 million. The deal comes on the heels of Agree’s acquisition of more than 100 Sherwin-Williams retail properties in December and its plans to expand to a new Troy campus, announced in March.
Wawa is a convenience store and gas station. The Philadelphia location is 11,500 square feet in the historic Public Ledger Building and is the largest in Wawa’s chain. It includes a bakery, merchandise, and an expanded selection of Wawa’s Reserve coffee line. The store celebrated its grand opening on Dec. 14.
The building has 13 stories, was built in 1927, and is in Center City Philadelphia, which comprises historic sites including the Liberty Bell, Independence Hall, and Congress Hall.
“We are extremely pleased to announce the addition of Wawa’s flagship store to our expanding portfolio,” says Joey Agree, president and CEO. “This acquisition demonstrates our differentiated capabilities to identify unique opportunities that further solidify our best-in-class net lease portfolio.”
Agree is a publicly traded real estate investment trust that primarily acquires and develops properties net leased to retail tenants. It owns and operates 703 properties in 46 states and has about 12.3 million square feet of gross leasable space.