Pensacola, FL - First Watch

Description:

• The tenant recently signed a brand new 15-year lease with 3 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 10% increases every 5-years throughout the initial term and at the beginning of each option period
• First Watch (NASDAQ: FWRG) is a rapidly expanding restaurant chain with over 630 locations across 32 states

• First Watch is strategically located as an outparcel to the new 40+ AC Ransley Station development that will feature The Waters at Ransley Phase 1 (336-units), Multi-Family Phase 2 (294-units), Homewood Suites, as well as proposed retail, office, and medical users
• Ideally positioned off Interstate 10 (81,500 VPD), allowing for users to benefit from direct on/off ramp access to the subject property, Ransley Station development, and surrounding FL panhandle trade areas
• The surrounding retailers supporting the immediate trade area are Walmart Neighborhood Market, Publix, Wendy’s, Starbucks, and more
• The Publix just North of the subject site ranks in the top 70% (396 out of 1,317) of all locations nationwide
• Across from Avalon Apartments (276-units), providing another consumer base from which to draw

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Listing ID: a28TP0000036QXZYA2