Listed by CBRE - Tampa
$2,424,000
First Watch - Jacksonville, FL
Details
Property Type Retail
Sub Type Restaurant
Square Footage 3,600
Units 1
Cap Rate 4.90%
Occupancy 100%
Tenancy Single
Brand/Tenant First Watch
Lease Type NN+
Remaining Term 5
Rent Bumps Yes
Lease Options Three 5-Year
Price per SqFt $673
Broker Co-Op Yes
Class A
Year Built 2021
Buildings 1
Parking Spaces 6.94 per 1,000 sq ft
Investment Type Core
Tenant Credit Credit Rated, Corporate Guarantee
Ownership Fee Simple
Corporate First Watch | Extremely Low Rent | Ideally Located
Marketing description
CBRE is pleased to present for sale First Watch, a 3,600 SF casual dining, stand-alone restaurant located 8 miles from downtown Jacksonville, Duval County, Florida. First Watch is situated along Baymeadows Road and represents a compelling net-leased investment opportunity supported by strong real estate fundamentals, favorable surrounding demographics, and the financial strength of a nationally recognized and publicly traded restaurant operator. Built in 2021, First Watch is 4.7 years into their original ten (10) year lease, with 10% rent increases every five years and three (3) five-year options remaining.
Investment highlights
- Corporate NN Lease
- LL Responsible for Roof & Structure Only
- 20 Year Transferable Roof Warranty
- 5.3 Years Remaining on Original 10-Year Term
- (3) Five Year Options
- Rents Compared to Market
- 29% Below Market Rent Avgs
- Subject Rent: $33
- Market Rent: $42.56
- 29% Below Market Rent Avgs
- Concept Rent Comparison
- 28.5% Below Market Rent Avgs
- Subject Rent: $33
- Concept Rent: $42.40
- 28.5% Below Market Rent Avgs
- Exceptional Location Grade; Located Along the Baymeadows Retail And Business Corridor
- Nearby Retailers Include Publix, Walmart Neighborhood Market, Chili's, Dunkin', Chipotle, Starbucks, and Many More
- Multiple Access Points with Left in / Left Out Ability
- 48,896 Average Daily Traffic Count
- ¼ Mile to Interstate 95 with 135,500 Cars per Day
- Major East / West Commuter & Business Artery Connecting I-95 to I-295
- Ideally Positioned Directly in Front of:
- Marriott Spring Hill Suites with 120 All-Suite Rooms
- 30,000 sq. ft. Jersey College - School of Nursing with ~5,000 Students & Faculty
- Ideally Positioned Directly in Across from:
- Embassy Suites with 277 Guest Rooms
- Immediately Surrounded by Numerous Vertical Office Complexes
- ½ Mile from Florida State College at Jacksonville with ~7,000 Students & Faculty
- Excellent Sightline, Visibility, Exposure & Signage
- Limited Competition in Immediate Area
- Baymeadows Road is Surrounded by a Significant Office Presence,
- Driving Weekday Business that is Ideal for Breakfast and Lunch Service Providers
Listing Contacts
Listed by CBRE - Tampa
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