SWIG DRIVE-THRU | 15-Year Ground Lease | Odessa (Tampa), FL
SWIG DRIVE-THRU | 15-Year Absolute NNN (Fee-Simple Ground Lease)
Marketing description
Matthews is pleased to present a ground lease investment opportunity featuring Swig Drive-Thru, the original dirty soda concept, positioned on an outparcel to a brand-new Lowe's Home Improvement that opened in Q4 2024. Located at the southwest corner of Gunn Highway and State Road 54 in Odessa, Florida, this property benefits from exposure to approximately 77,000 vehicles per day at this high-traffic intersection.
The investment features a 15-year fee-simple ground lease with an Absolute NNN structure, ensuring zero landlord responsibility. The lease includes 10% rent increases every 5 years throughout the base term and option periods, with two additional 5-year options. This fundamental investment offers downside protection, as the contractual rent over the base term plus land and building value exceed the listing price of $1.25M.
Odessa is an affluent Tampa-area community located approximately 25 minutes from downtown Tampa, featuring strong demographics with average household incomes of $138,500 across 25,819 households within a 5-mile radius. The area demonstrates robust population density with approximately 28,713 residents within a 3-mile radius, forecasted to grow 15.1% by 2030.
Investment highlights
Location:
- Outparcel to a brand-new Lowe's Home Improvement that opened in Q4 2024.
- Average household incomes of $138,500 across 25,819 households within a 5-mile radius.
- Strong population density with approximately 28,713 residents within a 3-mile radius (forecasted growth of 15.1% by 2030) and 67,776 residents within a 5-mile radius (forecasted growth of 11.4% by 2030).
- Odessa is an affluent Tampa-area community located approximately 25 minutes.
- The subject property is estimated to receive exposure to approximately 77,000 vehicles per day (VPD) at the intersection of State Highway 54 and Gunn Highway.
Fundamental Investment:
- Fundamental Value w Downside Protection | Contractual Rent over Base Term + Land Value + Building value exceed listing price of $1.250M.
- Avg. Return of 6.62% during Base Term, and 7.33% when factoring in option period.
Lease Structure:
- 15-Year Fee-Simple Ground Lease.
- Absolute NNN Lease = Zero Landlord Responsibility.
- 10% rent increases every 5 years in Base Term and Options Periods.
- Two, 5-year options each with 10% rent increases.
Tenant:
- Category Originator within a Growing Category: Swig invented 'Dirty Soda' in 2010 and remains the dominant brand in the segment.
- Strong Growth with Emerging Brand: As of March 2026, Swig has 158 locations, up from 124 in October 2025
- Massive Expansion Plans: SWIG aims to grow to 1,400+ units over the next eight years, or by 2034, and has already secured commitments for over 500 franchise units.
- There are currently 10 Swig drive-thru locations in Florida, including 4 operating within the Tampa market.
- In November 2022, The Larry H. Miller Company acquired a reported 75% stake in Swig. The same family office had previously sold the Utah Jazz for approximately $1.66 billion in 2020.
- Todd Smith, President (Previously with Sonic, Wendy's, and KFC); o Alex Dunn, Chief Executive Office (previously with Dutch Bros. Dave's Hot Chicken, and Raising Canes). Shannon Swenson, Chief, Franchise Partnerships (previously with Dave's Hot Chicken), Daniel Batty, Chief Development Officer (previously with Dutch Bros.), and Chase Wardrop, Chief Operating Officer (previously with Dutch Bros., Starbucks, Sonic, and Chick-fil-A).
- Swig stores reportedly average $1 million in annual sales with some stores reporting up to $2 million in annual sales
- Swig's explosive growth is being led by an all-star executive team with deep experience scaling some of the nation's most successful QSR and drive-thru concepts.
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