First Watch | Bowling Green, KY
15-Year Abs NNN | Kroger & Hobby Lobby Outparcel (3.1M Visits) | Mins to Western Kentucky University
Marketing description
TSCG is pleased to present the opportunity to acquire a brand-new First Watch located at 2945 Scottsville Road in Bowling Green, Kentucky, featuring a 15-year Absolute NNN lease with 10% rental increases every five years. Strategically positioned as an outparcel to the 208,000 SF Greenwood Square Shopping Center (3.1M visits) anchored by Kroger, Hobby Lobby, Shoe Station and Anytime Fitness, the property sits at the heart of Bowling Green's dominant commercial corridor. Bowling Green is a thriving regional hub anchored by Western Kentucky University (16,200+ students), the GM Corvette Assembly Plant, and a new $2B EV battery gigafactory, supporting the sustained population growth and diversified economic base that make this an exceptionally well-located retail investment opportunity.
First Watch is a publicly traded company (NASDAQ: FWRG) operating 600+ locations across 32 states with $1.22B in 2025 revenue, offering investors a passive, long-term income stream backed by a scaled and growing national brand.
Investment highlights
NEW CONSTRUCTION | 15-YEAR ABS NNN LEASE | 600+ LOCATIONS
- Brand new construction featuring tenant’s latest prototype
- Absolute NNN lease structure | No landlord responsibilities
- 15-Year lease with 10% increase every 5 years
- First Watch operates 600+ locations across 32 states and has been publicly traded (FWRG: NASDAQ) since September 2021, supporting institutional visibility and growth and have a scaled platform with $1.2B of revenue and $1.4 B of system-wide sales in 2025
OUTPARCEL TO GREENWOOD SQUARE (3.1M VISITS) | 46,000+ VPD | I-65 PROXIMITY
- Prime visibility along Scottsville Road (31,540 VPD), Bowling Green’s dominant commercial corridor anchored by national retailers and leading dining brands
- Immediate access to two signalized intersections at the entrance to Greenwood Square and the corner of Scottsville Rd and Cave Mill Rd
- Gateway location connecting the US 31W Bypass retail district with high-density development near Greenwood Mall and I-65
- Scottsville Road provides direct access between US 31W and I-65, serving approximately 70% of visitors traveling from outside the county
- Greenwood Square: 3.1M Visits Annually (Placer.ai)
- Greenwood Mall: 3M Visits Annually (Placer.ai)
DEVELOPMENT & INFRASTRUCTURE | WESTERN KENTUCKY UNIVERSITY
- Strategically located on I-65, Bowling Green functions as a key logistics and employment hub within a one-day drive of 60% of the U.S. population, supporting sustained regional draw and population growth
- A diversified economic base anchored by major manufacturing employers, Western Kentucky University, and a $2B electric vehicle battery gigafactory provides long-term stability and job creation
- Ongoing public and private investment (including a new Entertainment Destination Center and over $600MM in new industrial facilities) continues to attract high wage jobs and a growing base of young professionals
- Bowling Green is a strong college town, home to Western Kentucky University (16,200+ students) which is situated three miles north of First Watch
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