First Watch Ground Lease 4775 E Grant Rd 5,021 SF Retail Building Tucson, AZ 85712 $2,890,702 CAD ($575.72 CAD/SF) 5% Cap Rate

?Single-tenant First Watch investment opportunity featuring an absolute triple-net (NNN) ground lease with ±3 years of term remaining and 10% rental increases every 5 years through the three (3), five (5) year options.
?First Watch exercised their first option in 2024, showcasing their success at and commitment to this location.
?First Watch (NASDAQ: FWRG) is the fastest growing full-service restaurant brand with ±648 restaurants across ±32 states and plans for ±2,200 restaurants nationwide. In full-year 2025, First Watch reported total revenues of $1.2 billion, a 20.3% increase year-over-year, with same-restaurant sales growth of 3.6%.
?The Property is an outparcel to Crossroads Festival, a ±147,905 SF shopping center anchored by Fry's (Kroger), RoadHouse Cinemas, Roadies Bowling Alley, Outback Steakhouse, PNC Bank, Chipotle, and more.
?The Property has excellent frontage and visibility on E Grant Rd (±39,194 VPD) and is just off the signalized intersection with N Swan Rd (combined ±75,869 VPD) (Source: ADOT, 25).
?A Trader Joe's and PetSmart anchored shopping center is across the street.
?Tucson Medical Center (±3,000 employees and ±600 beds) and Pima Medical Institute (±2,619 students) are ±3 minutes east.
?Rincon High School (±1,217 students) and Catalina High School (±614 students) are ±7 minutes away (Source: US News).
?Texas Instruments' Tucson Office (±330 employees) is ±8 minutes south (Source: Real Estate Daily).
?This location boasts a dense 3-mile population of ±100,600 and employee base of ±61,777 (Source: Esri).