Addison (Dallas), TX - First Watch

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, freestanding, newly renovated, First Watch investment property located in Addison (Dallas), Texas. The tenant, First Watch Restaurants, Inc, recently signed a brand new 12-year lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 6 years throughout the initial term and at the beginning of the first option period, steadily growing NOI and hedging against inflation. The lease is NN with minimal landlord responsibilities making it an ideal, management free investment opportunity for a passive investor in an income tax free state. The property is scheduled to open for business in December 2024.

First Watch is strategically located along Belt Line Rd., a major retail and commuter thoroughfare, averaging 44,200 vehicles passing by daily. The investment is situated on the signalized, hard corner intersection of Belt Line Road and Prestonwood Boulevard. The property benefits from being near the on/off ramps to North Dallas Tollway (161,500 VPD). The asset is adjacent to Village on the Parkway, a popular shopping center that serves over 4.8 million visitors per year (per Placer.ai). This is the 4th most visited shopping center in Texas with tenants including Whole Foods Market, AMC Theaters, Sidecar Social, and more. Located within a dense retail corridor, First Watch is within close proximity to a variety of national/credit tenants including Walmart Supercenter, Kroger, Tom Thumb, Trader Joe’s, Target, Raising Cane’s, Chick-Fil-A, and Chipotle. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The 5-mile trade area is supported by more than 380,000 residents and 306,000 daytime employees with an affluent average household income of $119,797.