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First Watch 1702 Commons Dr 7,887 SF Retail Building Geneva, IL 60134 $4,059,532 CAD ($514.71 CAD/SF) 6.20% Cap Rate

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INVESTMENT HIGHLIGHTS

BITE-SIZED DEAL
TENANT GROWTH & BRAND STRENGTH
RANDALL ROAD RETAIL CORRIDOR | 31,900 VPD

NEW 10-YEAR LEASE - FIRST WATCH BACKFILL
GENEVA COMMONS OUTPARCEL: 40,370 square foot open-air shopping center with over 60 retailers. 3.2M annual visitors
DESIRABLE TRADE AREA DEMOGRAPHICS | KANE COUNTY TAX ADVANTAGE

EXECUTIVE SUMMARY

CBRE’s Net Lease Property Group – Midwest is pleased to present to qualified investors a free-standing First Watch in Geneva, IL. First Watch opened in 2023 on a 10-year initial lease and currently has close to eight years of term remaining. The corporate lease features a healthy 10% rental increase in September 2028 and in each of the two, 5-year option periods.

The property is an outparcel to Geneva Commons, a premier 440,000-square-foot open-air shopping center featuring national retailers such as Crate & Barrel, Pottery Barn, Barnes & Noble, Dick’s Sporting Goods, Banana Republic, Williams-Sonoma, Sephora, and lululemon. The center is strategically positioned along Randall Road, one of the most active retail corridors in the western suburbs of Chicago.
Nearby, Randall Square Shopping Center further enhances the retail synergy with tenants like Marshalls, Ulta, Michaels, PetSmart, and Nordstrom Rack 3. This dense retail environment, combined with Geneva’s charming downtown and strong residential base, makes the First Watch location a compelling investment opportunity.

PROPERTY FACTS

Sale Type

Investment

Property Type

Retail

Property Subtype

Restaurant

Building Size

7,887 SF

Building Class

Year Built/Renovated

2002/2023

Price

$4,059,532 CAD

Price Per SF

$514.71 CAD

Cap Rate

6.20%

NOI

$251,676 CAD

Tenancy

Single

Building Height

1 Story

Building FAR

0.23

Lot Size

0.79 AC

Parking

81 Spaces (10.27 Spaces per 1,000 SF Leased)

Frontage

277’ on Commons Dr

Restaurant

Signage

Waterfront

MAJOR TENANTS

Accommodation and Food Services
-
-
Aug 2033

First Watch est un concept primé de Daytime Dining qui sert un petit-déjeuner, un brunch et un déjeuner préparés sur commande à partir d'ingrédients frais. Récipiendaire de centaines de récompenses locales « Best Breakfast » et « Meilleur Brunch », le menu dirigé par le chef de First Watch comprend des exécutions élevées de favoris classiques ainsi que des spécialités First Watch telles que le Quinoa Power Bowl®, les tacos Farm Stand Breakfast Tacos, Avocado Toast, le Chickichanga, Morning Meditation (pressé quotidiennement sur place), Spiked Lavender Lemonade et sa signature Million Dollar Bacon. En 2023, First Watch a été nommée la meilleure marque de restaurants dans la liste inaugurale de Yelp des marques les plus appréciées aux États-Unis. En 2023 et 2022, First Watch a été nommée parmi les 100 lieux de travail les plus aimés® de Newsweek par le Best Practice Institute. En 2022, First Watch a reçu un prix MenuMasters très recherché de la part de Nation's Restaurant News pour son omelette saisonnière à côtes courtes braisées et a reçu le très convoité prix Culture at Work d'ADP.