Four convenience stores in Bucks and Montgomery counties were purchased by a buyer who offloaded two nearby shopping centers through a 1031 exchange.
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Marcus & Millichap marketed the Wawa properties in Newtown, Pottstown, Warrington and Fairless Hills. They were purchased for a collective $27.1M.
The Newtown, Pottstown and Warrington assets completed earlier this year are each about 5K SF. The Fairless Hills location was constructed on 2 acres in 2023.
The buyer previously owned Goodnoe’s Corner, a 35K SF town center in Newton, and Village Center, an 88K SF grocery-anchored shopping center in Bensalem.
These corporate-backed Wawa outposts will be easier for the buyer to manage than the shopping centers, Marcus & Millichap Senior Director of Investments Scott Woodard said in a statement.
He brokered the sales alongside Marcus & Millichap Senior Managing Director of Investments Derrick Dougherty.
SALES
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Salt Korean BBQ will open its second location at a 32K SF restaurant space that owner Rich Kim purchased at 840 Lancaster Ave. in Devon. Avison Young's Paul French represented the seller.
LEASES
The Pavilion, a Galman Group office and retail property at 261 Old York Road in Jenkintown, has seen a leasing surge in 2025. The roughly 20K SF of deals inked there so far this year are more than double what the property closed in 2024.
That includes 3Dimensional Physical Therapy’s 4K SF lease in January and law firm McMenamin & Wing’s 3,800 SF deal the following month.
FINANCING
A fund that Philadelphia-based parking lot operator and developer Parkway Corp. started in 2021 is now fully funded. Parkway U.S. Land Carry Fund I includes more than 11 acres of urban infill land in 10 states with almost 1,500 parking spots.
PEOPLE
Philadelphia-based structural engineering firm O’Donnell & Naccarato is opening a new office in Pittsburgh helmed by a team of three.
Regional Director Cyril “Skip” Fox has more than three decades of experience that includes work on the Carnegie Museum Music Hall, the Pittsburgh Glass Center and Penn Highlands State College Hospital. He is joined by Building Information Modeling Manager Joseph Sperduto and Project Manager Gregory Holbrook.
