Friday, December 5, 2014

15-Year Absolute NNN Casual Dining Ground Lease :: FIRST WATCH (120 Restaurants, $100M+ REV) :: 10% Bumps Every 5 Years :: Atlanta MSA


PRICE: $2,025,000
CAP: 5.75%


Tenant: First Watch is currently the largest and fastest-growing daytime-only restaurant concept in the U.S. with more than 120 restaurants in 16 states with additional units under development. The company produced 2013 revenues in excess of $108 million and has a net worth of more than $57M. 
Long-Term Absolute NNN Lease: New 15-year ground lease with four 5-year options to renew—No Landlord responsibilities 
Rent Escalation: 10% every 5 years throughout the initial term and option periods
Newly Renovated Building: Since signing the ground lease, Tenant renovated and retrofitted the proposed building
Location: Located on the heavily-traveled Cherokee Street (Traffic Count: 35,080 VPD) just 0.4 miles southwest from access to Interstate 75, one of the Southeast’s major north-south interstate highways
Dominant Retail & Commercial Corridor: Approximately 4.9 MSF of retail, 11.8 MSF of industrial, 3.7 MSF of office, and 5,841 multi-family units within a 3-mile radius
Market: Kennesaw, is located approximately 21 miles northwest of Atlanta’s CBD, just off of Interstate 75 which is known as the foremost high demographic/high growth northern corridor of Atlanta. Kennesaw offers excellent public schools, low property taxes, superb shopping, dining and recreation plus easy access to major commuting corridors
Proximity to Kennesaw State University: Located just 1.5 miles from Kennesaw State University (enrollment: ±24,629 students), the third largest university in Georgia
Upscale Residential Area: Surrounded by a myriad of upscale residential communities highlighted by Pinetree Country Club, an exclusive community featuring an Olympic-sized pool, 27,000-SF clubhouse and an 18-hole championship golf course (3-mile Average Household Income: $70,369)

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