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Texas firm buys Sanford land for $2.65M, attracts Wawa

Texas firm buys Sanford land for $2.65M, attracts Wawa
This closed Days Inn in Sanford will be torn down and a Wawa built in its place under a $2.65M sale to a Texas real estate management firm.

The site of a closed Days Inn motel and a shuttered Denny's in Sanford has been sold for $2.65 million and will be developed into a Wawa, the latest Central Florida expansion for the gas station/convenience food chain.

"They've been making a big push in an area that itself is growing," said Brenna Wadleigh, CEO of the property's buyer, N3 Real Estate, which owns, manages and develops net-leased retail properties.

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Wawa has 38 locations within 20 miles of Orlando and more on the way, according to the company's website.

Under Texas-based N3's arrangement with Wawa, the real estate company will demolish the buildings and clear the land, and Wawa will own the building and lease the site.

The project's developer is Orlando-based Elevation Development.

The seller was Paramand Investment Group, whose address is the same as the Days Inn, but no longer operates there.

The 4.8-acre property at 4650 W. SR 46, near I-4, had been a Days Inn since the 1970s before closing a few months ago, while the Denny's was shuttered earlier in 2015.

The phone number for people seeking reservations for the Days Inn has been forwarded to Monroe's on the Lake, a lodging site about five miles from the shuttered 120-room motel.

A Monroe's on the Lake representative said the motel's owner struck an agreement with Paramand Investment Group president Manhar Patel for Days Inn business to be steered to Monroe's on the Lake.

Patel could not be reached for comment. A spokesperson for Wawa did not return a call requesting comment.

Paramand owned the motel for 30 years, buying it from Days Inn America for $2.5 million in 1985.

Have a tip about Central Florida development? Contact me at ktalley@growthspotter.com or (407) 420-5176. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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