CBRE Arranges Sale of High-Profile Wawa Convenience Store in Narberth, PA

CBRE announced today the $4.6 million sale of a Wawa convenience store located at 949 Montgomery Avenue in Narberth, PA. A local, private buyer, Lifelong Commercial Real Estate, purchased the property from a National REIT. The location houses a Wawa, an American chain of convenience stores and gas stations located along the East Coast of the United States, operating in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Washington, D.C., and Florida.

CBRE’s Michael Shover represented Lifelong Commercial Real Estate in the negotiations, while Christopher Bosworth from CBRE's Atlanta Net Lease Property Group acted on behalf of the seller. This most recent sale follows a December 2022 transaction where CBRE’s Matthew Gorman represented a buyer of another high-profile Wawa location in Harleysville for $7.6 million.

“The Wawa in Narberth is a trophy location along Philadelphia’s Main Line and offers further proof that the market favors core locations even during a turbulent market,” said Shover. “The density, affluence and Wawa’s history of strong performance, coupled with their lack of options to relocate within the market, attracted a lot of attention to this property.” 

“Since I grew up in Lower Merion, I know the strength of the submarket, and the specific property, very well,” said Greg Smith, president and managing principal of Lifelong Commercial Real Estate. “With Mike Shover’s guidance, we immediately placed this one under contract as it became available.”

Built in 2001, 949 Montgomery Avenue is a 4,460 sq.-ft. store in a highly trafficked location with excellent visibility and frontage on Montgomery Avenue near its intersection with Old Gulph Road in Philadelphia's Main Line.