Foley, AL - First Watch

Description:

• The tenant 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% 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 540 locations across 29 states

• First Watch is strategically located along S McKenzie St with clear visibility and access to an average of 41,900 vehicles passing by daily
• The asset benefits from direct access onto several major highways in addition to Foley Beach Express, making this an ideal and centralized location with easy commutes for both employees and customers
• The property benefits from excellent visibility via significant street frontage
• The site is ideally situated within a dense retail corridor
• Subject property is located less than a mile south from Tanger Outlets Foley, a 516,000 square foot T.J. Maxx and Michael’s anchored outlet center
• The surrounding national/credit tenants include Walmart Supercenter, The Home Depot, Lowe’s Home Improvement, Dollar General, among many others
• The strong tenant synergy increases consumer draw to the area and supports the local economy
• Down the road from Foley Riviera Square, a newly built 163,000 square foot center anchored by Publix, Marshalls, HomeGoods, and Academy Sports
• Foley Riviera Square ranks in the 96th percentile of all neighborhood centers nationwide via Placer.ai