This brand new Wawa is currently under construction along U.S. Highway 1 in Vero Beach, Florida. The site has full access via Old Dixie Highway and additional exposure on three main roadways. The tenant recently signed a 20-year Ground lease that requires no landlord maintenance for ease of investment. The lease has scheduled seven percent rental increases within the base term and each of the six options to extend.
Although the surrounding area is mostly zoned for industrial use, the site is located within close proximity to Vero Beach Regional Airport. This Wawa is also less than 10 miles from Disney’s popular Vero Beach Resort. Visitors to the site benefit from access to plentiful shopping opportunities thanks to the nearby presence of the Indian River Mall and the Vero Beach Outlets, Florida’s premier outlet shopping destination.
Relatively small in size in terms of population, Indian River County happens to be Florida’s seventh-richest county by per capita income. The average annual household income within just three miles of this Wawa site is nearly $85,000. Additionally, the area immediately surrounding the property has seen a population boom, growing an average of around 18 percent within five miles over the past decade.