East Market Builds Leasing Momentum Announcing Wawa as Latest Retail Tenant
Philadelphia (May 16, 2017) – National Real Estate Development, LLC (“National Development”) today announced that Wawa, Inc. has leased 6,196 square feet in the project’s new building at the 12th and Market Street corner and become East Market’s newest tenant. This transformative project is owned by National Real Estate Advisors; JOSS Realty Partners; Young Capital LLC; and SSH Real Estate. Demonstrating Wawa’s continued commitment to expanding in Center City Philadelphia, its East Market store is anticipated to open in spring 2018, providing this emerging neighborhood with convenient access to Wawa’s built-to-order foods, beverages, coffee and surcharge-free ATM machines.
“We are delighted that Wawa, one of the most beloved brands in our region, will be our next partner in reshaping the East Market neighborhood,” said Daniel Killinger, Managing Director, National Development. “Together, with all of our tenants, we are creating a dynamic urban neighborhood, transforming Market Street with active ground floor retail tenants. Wawa is a perfect anchor for East Market on Market Street.”
Echoing those comments, Chris Gheysens, President and CEO of Wawa, Inc., said, “Our commitment to investing in the communities we serve is at the heart of the Wawa Way. We are proud to continue expansion in Center City with our newest location at East Market, which bridges together so many parts of the downtown area. As we have at Broad and Walnut and 1900 Market Street, we look forward to welcoming and serving both locals and visitors who experience our city in so many different ways.”
The East Market project encompasses an entire city block (from Market to Chestnut and 11th to 12th Streets) and blends shopping and dining options with sophisticated apartments and contemporary workspaces. It will offer 322 residential units in The Ludlow and open, collaborative office space at 1100 Ludlow. East Market’s second apartment tower, at 1199 Ludlow Street, will feature 240 residential units and the modern amenities ideal for professionals and their families who value the energy of urban living. Wawa joins a growing list of retailers and office tenants coming to East Market, including gourmet grocer MOM’s Organic Market, award-winning brewpub Iron Hill, world-renowned architectural firm Bohlin Cywinski Jackson and Design Center with its collection of design showrooms.
Wawa currently operates more than 750 convenience retail stores across Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. Wawa continues to expand its presence throughout its market area through opening more than 50 stores in 2017. Wawa has also announced plans to continue expanding throughout Philadelphia, including Center City.
About Wawa, Inc.
Wawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey. Toward the end of the 19th Century, owner George Wood took an interest in dairy farming and the family began a small processing plant in Wawa, PA in 1902. The milk business was a huge success, due to its quality, cleanliness and “certified” process. As home delivery of milk declined in the early 1960’s, Grahame Wood, George’s grandson, opened the first Wawa Food Market in 1964 as an outlet for dairy products. Today, Wawa is your all day, every day stop for fresh, built-to-order foods, beverages, coffee, fuel services, and surcharge-free ATM’s. In July of 2015, Wawa was named “America’s Most Beloved Convenience Store” by a Market Force study of 7,000 consumers, winning with the highest “composite loyalty score” of 68 percent, and taking first place in the fresh food category. A chain of more than 750 convenience retail stores (over 500 offering gasoline), Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. The stores offer a large fresh food service selection, including Wawa brands such as built-to-order hoagies, freshly-brewed coffee, hot breakfast sandwiches, built-to-order Specialty Beverages, and an assortment of soups, sides and snacks.
About East Market
East Market, a pedestrian oriented development in the heart of Philadelphia, will revitalize an entire city block, from Market to Chestnut, 11th to 12thStreets. This mixed-used project will blend urban and artisanal shopping and dining experiences with contemporary work and living spaces. The project is owned by National Real Estate Advisors, LLC, an SEC-registered asset management advisor investing in major U.S. urban markets and subsidiary of the National Electrical Benefit Fund; Joss Realty Partners, a New York-based private real estate investment firm; Young Capital LLC, a Philadelphia-based real estate investment firm affiliated with Classic Management, Inc.; and SSH Real Estate, one of the largest privately held commercial real estate companies in the Greater Philadelphia Region. East Market is being developed by National Real Estate Development, LLC. For more information, please visit www.eastmarketphilly.com or email [email protected].