SRS handles $6M ground-lease sale in Washington Township, NJ
- MAREJ
- Jul 30
- 1 min read
WASHINGTON TOWNSHIP, NJ — SRS Real Estate Partners has brokered the $6 million ground-lease sale of a 5,585 s/f retail building in Washington Twp., located outside of Philadelphia in Southern New Jersey.
The building, which was completed in 2024, is net leased to convenience store operator Wawa on a 20-year, corporate-guaranteed deal. Patrick Nutt and William Wamble of SRS represented the seller, an East Coast-based developer, in the transaction. The buyer was a New Jersey-based 1031 exchange investor.
In other news, SRS Real Estate Partners announced the $2.95 million sale of a restaurant property NNN leased to Pupatella Neapolitan Pizza, located at 301 Massachusetts Ave. NE in the Capitol Hill neighborhood of Washington, D.C. The fully renovated 4,154 s/f property also has 1,500 sf of patio space. Pupatella opened in the fall of 2024 and its delicious pizza draws patrons from across the Capitol Hill neighborhood.
SRS’ Washington, DC Capital Markets team led by senior VP Rick Fernandez and EVP & managing principal Andrew Fallon represented the seller in the transaction, a NYC-based private owner. The buyer was a local private investor who purchased the asset with acquisition financing provided by Sandy Spring Bank.
