Mount Dora, 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 600 locations across 31 states

• The asset is part of a larger 17-Acre retail development that front US-441, Mount Dora Groves
• The retail development will feature Circle K (Lot 1), Fifth Third Bank (Lot 2), Texas Roadhouse (Lot 3), First Watch (Lot 4), a multi-tenant strip (Lot 5), and Chick-fil-A (Lot 6)
• “Mount Dora South was approved for a total of 783 housing units across product types. That includes the gated Yardly community along with a 360-unit mid-rise apartment complex and about 100 detached single family homes and townhomes”
• Mount Dora’s 441 corridor has attracted new hotel development in recent years. Construction started this year on a pair of five-story hotels
• “ABR Mount Dora, led by hotelier Jayesh Patel, has filed construction plans for a Townplace Suites by Marriott with the St. Johns River Water Management District. This 88-key all-suites hotel would be next door to Mount Dora Groves at the intersection of U.S. 441 and N. Donnelly Street, just north of Lakeside at Waterman Village”
• “Taylor Morrison is also under contract for the Build-to-Rent section of Mount Dora Groves South and filed plans for one of its Yardly-branded communities with  309 one-story cottages, along with a clubhouse, pool, fitness center, pickleball courts and two dog parks”
• The site will benefit from strong intrinsic value in the underlying real estate with all of the new development underway in this corridor

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Listing ID: a28TP000001rkgrYAA