Realty Income has paid $5.5 million for a Wawa site in Goldsboro, scooping up another convenience store asset in eastern North Carolina for its national portfolio. The deal lands as Wawa ramps up a major buildout across the region and institutional buyers keep chasing newly built c store properties. With local approvals in hand and planned roadwork already folded into the design, the project could move from paperwork to construction on a quicker timetable than many other retail developments.
Deal details
According to Triangle Business Journal, Realty Income paid $5.5 million for the Goldsboro Wawa site. The transaction is the latest example of deep pocketed REITs and private investors buying single tenant convenience store properties that come with long, net leases and corporate guarantees.
Property and permitting
The parcel is marketed at 2853 U.S. Highway 70 W, and the commercial listing shows a single tenant Wawa of roughly 6,100 square feet on about 2.65 acres. The Goldsboro City Council approved a special use permit earlier this year for a Wawa at the US 70 and NC 111 corridor, and the local plan includes DOT mandated roadway improvements and a subdivided lot that leaves room for future development. LoopNet lists the property facts, while Goldsboro Daily News reported on the council approval and neighbors’ traffic concerns.
Why investors are paying up
Realty Income explains in its investor filings that it targets freestanding, net leased retail properties with predictable rent escalations and resilient tenants, characteristics that align with Wawa’s long term, corporate backed lease model. Industry coverage has noted that Wawa and other super regional convenience store chains have been expanding aggressively, creating plentiful acquisition opportunities for REITs and investors. See the company’s strategy in its Realty Income 10-K and trend reporting from C-Store Dive.
What this means for Goldsboro
Wawa has publicly outlined plans to build roughly 80 stores across eastern North Carolina over the next decade, and the Goldsboro site is included in the company’s regional rollout. A release on GlobeNewswire spells out the broader plan, while local reporting shows neighbors pressing officials about traffic and access at public hearings. Those local concerns are folded into permitting conditions and DOT work that will shape the site’s final configuration. Goldsboro Daily News covered the council hearing and permit details.
For residents, the sale likely means a new, investor backed Wawa with a long net lease and corporate guaranty rather than local ownership. We have reached out to Realty Income, Wawa and Goldsboro city officials for comment and will update the story with any responses.
