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Views: 129 DOM: 103 Updated: 10.25.24 Posted: 09.09.24 Status: Active

Summary

Price $4,531,000
Built/Renov 2024
Tenant First Watch
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Corp Traded
Size/SF 3,900
Lease Start 11-01-2024
#Units 535
Price/SF $1,161.79
Expiration 10-31-2036
Tenant Type Casual Dining
NOI $237,900
R. Term 11.10
Ownership Fee Simple
Rent/SF $61.00
Increases 10.0%/7/yrs
Pop 5Mi 104,997
Lot/AC 0.00
Options 3/5yrs/10%
AHHI 5Mi $93,326

Lease Highlights

  • Brand new 2024 construction
  • New 12-year lease with 3 (5-year) options to extend
  • 10% rental increase in year 7 and at option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

First Watch is strategically located on South Church Street, a major arterial road, with access to a high daily traffic count of 52,028 vehicles. The property is conveniently positioned near well-known national tenants including Walmart Supercenter (with 2.3 million annual visits), Kroger (1.4 million annual visits and a top 20% location in Tennessee), ALDI (328,000 annual visits), Planet...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

First Watch is an American restaurant chain founded in 1983. The chain is known for its award-winning daytime dining concept serving made-to-order breakfast, brunch, and lunch using only the...


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