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Mergers & Acquisitions

Agree Realty Acquires Wawa’s Philadelphia Flagship Property

Real estate investment trust adds to c-store net lease portfolio
Photographs courtesy of Wawa

BLOOMFIELD HILLS, Mich. — Agree Realty Corp. has acquired Wawa's flagship convenience-store property adjacent to Independence Hall in Philadelphia for approximately $15 million.

Occupying about 11,500 square feet of the ground floor of the historic Public Ledger Building, the store is the largest in Wawa's retail network and includes a bakery, merchandise and an expanded selection of Wawa's Reserve coffee line. The store celebrated its grand opening in December.

The Public Ledger Building is a 13-story building built in 1927 and is designated as a Historic Place by the Philadelphia Register. The building is located at the corner of 6th and Chestnut streets in the heart of Center City Philadelphia, adjacent to several 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," said Joey Agree, president and CEO of Agree Realty. "This acquisition demonstrates our differentiated capabilities to identify unique opportunities that further solidify our best-in-class net lease portfolio."

Bloomfield Hills, Mich.-based Agree Realty is a publicly traded real estate investment trust (REIT) primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. The REIT owns a portfolio of 703 properties in 46 states containing approximately 12.3 million square feet of gross leasable space. C-store holdings include nine Wawa, eight Kum & Go, six RaceTrac, two 7-Eleven and two QuikTrip properties.

Wawa, based in Wawa, Pa., has more than 830 c-stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. It is No. 9 in the Top 40 update to CSP’s 2018 Top 202 ranking of c-store chains by number of company-owned retail outlets.

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