Layton, UT - First Watch

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding First Watch investment property located in Layton, Utah (Salt Lake City MSA). The tenant, Rise and Smile LLC, recently signed a brand new, 15-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. First Watch (NASDAQ: FWRG) is a rapidly expanding restaurant chain with over 630 locations across 32 states. The subject property will feature new 2025 construction with state-of-the-art materials and the brand’s latest modern store design.

The site has excellent visibility and multiple points of access at the junction of N. Hill Field Road (44,900 VPD) and Interstate 15 (134,400 VPD). Interstate 15 is a major North/South highway connecting the property to downtown Salt Lake City, the largest city in the state with over 212,000 residents and 1.2 million in its MSA. First Watch will receive significant crossover retail exposure from its position as an outparcel to the 482,000 square foot Layton Hills Mall. The shopping center receives over 3.8 million annual visits (per Placer.ai) and features national brands including Dick’s Sporting Goods, Dillard’s Department Store, and JCPenney. Other nearby national/credit tenants include Walmart Supercenter, Sam’s Club, Home Depot, Lowe’s, Target, and the 110,000 square foot Davis Conference Center. Moreover, the subject property is situated 7-miles from the Hill Air Force Base, a major U.S. Air Force Base with over 25,000 personnel on site and an annual economic impact of nearly $5 Billion. The base occupies 7,000 acres and is expanding with the publicly-accessible Falcon Hill Aerospace Research Park. The development is currently expanding upon its 1 Million square feet of mixed-use space along Interstate 15, increasing the economic impact of public and private entities in the area. The 5-mile trade area is supported by a population of over 188,400 residents and 52,100 employees with an affluent average household income of $13039

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