Cape Coral, FL - First Watch

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (ground lease) in an absolute NNN leased, First Watch investment property located in Cape Coral, Florida. The tenant, First Watch Restaurants, Inc., recently signed a brand new 15-year lease with 5 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 7.50% rental increase after year 5 and 10% rental increases every 5 years thereafter 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. The store is scheduled to open June 2025.

The First Watch is located near the signalized, hard-corner intersection of Santa Barbara Blvd and Veterans Memorial Pkwy, combining to average over 86,200 vehicles passing by daily. Santa Barbara Blvd is a major retail thoroughfare serving the city of Cape Coral. The First Watch is an outparcel to 208,000+ square foot shopping center anchored by Target and Publix, a leading grocer in the state of Florida, that also features national/credit tenants including McDonald’s, Wells Fargo, Truist Bank, 7-Eleven, and more. The property is adjacent to a 201,000+ square foot Lowe’s Home Improvement. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Home Depot, TJ Maxx, Hobby Lobby, Ross, Aldi, Wawa, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 166,300 with an average household income of $100,015.