3729 SW 40th Blvd, Gainesville, FL 32608

First Watch - Butler Plaza is a brand new 2023-vintage build-to-suit restaurant located at Butler Plaza, Gainesville's premier retail destination. This 3,900 SF property sits on 0.967 acres at the signalized intersection of SW 40th Boulevard (Archer Road) with 50,500+ daily traffic count and exceptional visibility. The location is positioned just one mile from the University of Florida campus, providing access to over 60,000 students, faculty, and staff.

The property features First Watch's latest prototype design with modern finishes, a covered outdoor patio, monument signage, and dedicated curbside pickup spaces. As an outparcel to Butler Plaza—North Central Florida's largest retail center with 2M+ SF and 150+ tenants including Target and Publix—the site benefits from tremendous co-tenancy and cross-traffic from the region's strongest retail corridor.

This is a single-tenant absolute NNN investment with zero landlord obligations. The tenant is responsible for 100% of taxes, insurance, and all maintenance including roof, HVAC, parking lot, and landscaping. First Watch Restaurants, Inc. is a publicly traded company (NASDAQ: FWRG) with 633+ locations, $1.2 billion in 2025 revenue, and a 20%+ year-over-year growth rate. The lease commenced November 18, 2024 with over 8 years remaining on the initial 10-year term, plus three 5-year renewal options. Built-in rent escalations include a 15% increase in Year 6 and 10% increases every five years thereafter, providing strong inflation protection through Year 25.