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First Watch 1726 Glidewell Dr 5,907 SF Retail Building Burlington, NC 27215 $5,879,773 CAD ($995.39 CAD/SF) 5.50% Cap Rate
INVESTMENT HIGHLIGHTS
- CORPORATE GUARANTEE BY PUBLIC COMPANY
- STRONG LEASE FUNDAMENTALS
- OUTPARCEL TO REGIONAL POWER CENTER
EXECUTIVE SUMMARY
STRONG LEASE FUNDAMENTALS
- Abs. NNN Lease Provides Zero Landlord Responsibilities
- Corporate Guaranty by First Watch
- 10% Rental Increases every 5 years, including option periods
CORPORATE GUARANTEE BY PUBLIC COMPANY
- First watch has over 540 restaurants in 29 states and has a market cap of $1B
- Total revenue for 2023 was $892 Million
CLOSE PROXIMITY TO ELON UNIVERSITY
- Under 2.5 miles from the site is the Elon University Campus
- Elon has over 7K students with more than 2,700 employees
- The economic impact of the school is more than $695 million annually to the state of North Carolina
OUTPARCEL TO REGIONAL POWER CENTER
- Site is an outparcel to Alamance Crossing (90% occupied; 3.7M visitors a year), a 714K SF power center
- Over 90% occupied, and 3.7M visitors a year, Alamance Crossing provides cross-shopping synergies and drives consumers to the site
- Anchor tenants include: Belk, Carousel Cinema, Dillard’s, Hobby Lobby, JCPenny, and more
EASILY ACCESSIBLE IN PROMINENT RETAIL NODE
- Located directly off of I-40 (124K VPD)
- Over 2.1MSF of retail space within a 1-mile radius
- Nearby National Retailers include: Dick’s Sporting Goods, Kohl’s, Belk, JC Penny, Walmart Supercenter, Target, Best Buy, TJ Maxx, and more-
HIGH GROWTH BURLINGTON, NC
- According to the Milken Institute Burlington, NC is one of the best performing small cities in the US
- The area has grown steadily with a growth of 2.9% from 2022-2023
- Abs. NNN Lease Provides Zero Landlord Responsibilities
- Corporate Guaranty by First Watch
- 10% Rental Increases every 5 years, including option periods
CORPORATE GUARANTEE BY PUBLIC COMPANY
- First watch has over 540 restaurants in 29 states and has a market cap of $1B
- Total revenue for 2023 was $892 Million
CLOSE PROXIMITY TO ELON UNIVERSITY
- Under 2.5 miles from the site is the Elon University Campus
- Elon has over 7K students with more than 2,700 employees
- The economic impact of the school is more than $695 million annually to the state of North Carolina
OUTPARCEL TO REGIONAL POWER CENTER
- Site is an outparcel to Alamance Crossing (90% occupied; 3.7M visitors a year), a 714K SF power center
- Over 90% occupied, and 3.7M visitors a year, Alamance Crossing provides cross-shopping synergies and drives consumers to the site
- Anchor tenants include: Belk, Carousel Cinema, Dillard’s, Hobby Lobby, JCPenny, and more
EASILY ACCESSIBLE IN PROMINENT RETAIL NODE
- Located directly off of I-40 (124K VPD)
- Over 2.1MSF of retail space within a 1-mile radius
- Nearby National Retailers include: Dick’s Sporting Goods, Kohl’s, Belk, JC Penny, Walmart Supercenter, Target, Best Buy, TJ Maxx, and more-
HIGH GROWTH BURLINGTON, NC
- According to the Milken Institute Burlington, NC is one of the best performing small cities in the US
- The area has grown steadily with a growth of 2.9% from 2022-2023
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
5,907 SF
Building Class
B
Year Built
2011
Price
$5,879,773 CAD
Price Per SF
$995.39 CAD
Cap Rate
5.50%
NOI
$323,390 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.85 AC
Zoning
CB
Parking
103 Spaces (17.44 Spaces per 1,000 SF Leased)
Frontage
200’ on University Drive
AMENITIES
- Restaurant
- Signage
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Accommodation and Food Services
- 5,907 SF
- -
- Triple Net
- Jul 2040
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 TYPE | LEASE END | |
|
|
Accommodation and Food Services | 5,907 SF | - | Triple Net | Jul 2040 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 106955 | Improvements Assessment | $1,283,762 CAD |
| Land Assessment | $1,765,899 CAD | Total Assessment | $3,049,661 CAD |
PROPERTY TAXES
Parcel Number
106955
Land Assessment
$1,765,899 CAD
Improvements Assessment
$1,283,762 CAD
Total Assessment
$3,049,661 CAD
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First Watch | 1726 Glidewell Dr
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