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CAVA/First Watch Strip | King of Prussia, PA 129 Gulph rd 9,860 SF 100% Leased Retail Building King Of Prussia, PA 19406 $17,842,650 CAD ($1,809.60 CAD/SF) 5.75% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully leased to four national fast-casual tenants
- Surrounded by 9M SF of retail within 3-mile radius
- Long-term NNN leases with stable cash flow
- Directly across from King of Prussia Mall
- Adjacent to two newly built hotel developments
- High-traffic location with 89K+ vehicles per day
EXECUTIVE SUMMARY
The property benefits from a prime King of Prussia location, directly across from the King of Prussia Mall and within one of the Philadelphia MSA’s most trafficked retail nodes, with daily vehicle counts exceeding 250,000 from South Gulph Road, W. Dekalb Pike, and I-76. The site is also adjacent to two new hotels, bringing additional demand from business and leisure travelers, and is surrounded by a dense retail ecosystem anchored by national brands, restaurants, and lifestyle tenants.
Leases are structured as NNN, with landlord responsibilities reimbursed by tenants, providing a predictable income stream with minimal management obligations. First Watch and CAVA operate under 10-year corporate NNN leases with rental increases of 10–15% in year 6 and at each renewal option, while DIG and Just Salad each have 10-year NNN leases with 3% annual escalations throughout the base term and option periods.
King of Prussia is one of the most coveted submarkets in Greater Philadelphia, with limited new retail development opportunities due to dense existing retail, high land costs, and strong demand. The scarcity of available space enhances long-term tenant retention and asset value, making this property a rare opportunity to acquire a new-construction, fully leased retail asset in a high-barrier market.
PROPERTY FACTS
AMENITIES
- Corner Lot
- Restaurant
- Signage
- Monument Signage
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
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- Accommodation and Food Services
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Cava's mission is to bring heart, health, and humanity to food. They believe in: serving delicious food that helps more people eat well and live well, taking care of the people and things that feed them: the earth, farmers, purveyors, and team members, and food as a unifier, for a more diverse yet inclusive world, where all are welcome. Ike Grigoropoulos, Chef Dimitri Moshovitis, and Ted Xenohristos have known each other since they were six. They were often found goofing off in their Greek church’s Sunday School class, before heading to their respective parents’ homes for a big Sunday lunch, typically full of slow-roasted lamb, lemony potatoes, lots of olives, and bowls of tzatziki. Food and hospitality was always coursing through their veins, thanks to growing up as sons of first-generation immigrants who all valued making room at the table for all their family and friends.
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- Accommodation and Food Services
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First Watch is an award-winning Daytime Dining concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. A recipient of hundreds of local “Best Breakfast” and “Best Brunch” accolades, First Watch’s chef-driven menu includes elevated executions of classic favorites along with First Watch specialties.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
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Accommodation and Food Services | - | - | - | ||
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Accommodation and Food Services | - | - | - |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 58-00-17473-523 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $371,491 CAD |
PROPERTY TAXES
Presented by
CAVA/First Watch Strip | King of Prussia, PA | 129 Gulph rd
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