Cincinnati, OH - First Watch & Brassica

Description:

SRS National Net Lease Group, LP is pleased is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, two-tenant pad investment property located in Cincinnati, Ohio. Brassica recently signed a brand-new 10-year lease with 2 (5-year) options to extend and plans to invest more than $2,000,000 of its own capital into the build-out of its restaurant, demonstrating their long-term commitment to the site. First Watch has operated at this location for more than 30 years and recently exercised their final 5-year renewal option, highlighting the stability of the center and the intrinsic value of the underlying real estate. All current tenants operate under leases which are NNN in nature, limiting expense leakage. Further, under the terms of the declaration, the owner of the center is responsible for common area maintenance on the pracel and the tenant reimbursements for CAM match the maintenance costs passed through to the owner by the shopping center, thus limiting CAM expense slippage to collections risk. The asset is strategically positioned as an outparcel to a highly trafficked, grocery-anchored Harper’s Station Shopping Center, which draws over 2.7 million visitors per year, per placer.ai. Brassica is owned by Northstar Café, which has built a portfolio of 10 restaurants across Ohio, and in 2024, Chipotle Mexican Grill made a minority investment in Brassica through its $100 million Cultivate Next venture fund.

The subject property is located along Montgomery Road, a major retail thoroughfare serving the Cincinnati MSA, with an average of over 32,000 vehicles passing by daily. The property is positioned near the signalized, hard corner intersection of Montgomery and E. Kemper Road, experiencing a combined 49,500 VPD, and is located in a very wealthy area with average household incomes in the immediate one-mile trade area of $206,954. The investment enjoys excellent visibility and access via significant street frontage, a large monument sign, and multiple points of ingress/egress. The asset is conveniently located near the on/off ramp to Interstate 71 (123,100 VPD) and Interstate 275 (127,400 VPD). The asset is an outparcel to Harper’s Station, a highly trafficked 253,000 SF neighborhood center that draws over 2.7M visitors per year (per Placer.
ai). This center features national/credit tenants including TJ Maxx, Fresh Thyme, HomeGoods, and Bank of America. The asset is located directly across from the Shoppes at Harper’s Point, a 170,000 SF Kroger anchored center that draws over 2.1M visitors annually (per Placer.ai). The property is situated in a dense retail corridor with other nearby national/credit tenants such as Costco, Target, Lowe’s, The Home Depot, Best Buy, Planet Fitness, Raising Cane’s, Chick-Fil-A, Chipotle, and more. 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 143,000 residents and 122,000 daytime employees, with an affluent average household income of $206,954.