First Watch | Single-Tenant Corporate NNN 9271 E Baymeadows Rd 3 600 pi² Commerce de détail Immeuble Jacksonville, FL 32256 3 276 361 $ CAD (910,10 $ CAD/pi²) 5% Taux de capitalisation

Exclusively Listed in association with Brian Brockman | License No. BK3327646
We are pleased to present an opportunity to acquire a single-tenant First Watch restaurant located along the highly trafficked Baymeadows Road corridor in Jacksonville, Florida. The 3,600-square-foot property was constructed in 2021 and is subject to a corporate triple-net lease with minimal landlord responsibilities. The lease is with First Watch Restaurants, Inc., a subsidiary of publicly traded First Watch Restaurant Group, Inc. (NASDAQ: FWRG), and the property benefits from a 20-year transferable roof warranty.
Approximately 4.7 years remain on the primary lease term through April 30, 2031, followed by three five-year renewal options with 10% rental increases at the commencement of each option period. The scheduled increases provide embedded rent growth throughout the option periods as the tenant is currently paying a below market rent by approximately 29% (subject property's rent of $33 PSF versus a market rent of $43 PSF).
First Watch is one of the nation's leading daytime dining concepts, specializing exclusively in breakfast, brunch and lunch. The company has continued to expand rapidly, growing from 633 system-wide restaurants across 32 states at year-end 2025 to 665 locations across 33 states as of the second quarter of 2026. First Watch generated $1.223 billion in fiscal 2025 revenue and $120.9 million of Adjusted EBITDA, while Q2 2026 revenue increased 15.2% year-over-year and same-restaurant sales increased 3.4%. Management expects to open 60 to 62 net new system-wide restaurants during 2026, providing further evidence of the brand's continued national expansion.
The property is strategically positioned along Baymeadows Road in Jacksonville's established Southside commercial district, approximately one-quarter mile from Interstate 95 and eight miles southeast of Downtown Jacksonville. The corridor serves as a major east-west connection between I-95 and I-295 and is surrounded by a dense concentration of office, retail, hospitality, educational and residential uses. The property benefits from approximately 42,500 vehicles per day along Baymeadows Road and approximately 125,500 vehicles per day on nearby I-95.
The immediate trade area is particularly well suited to First Watch's breakfast and lunch-focused operating model. Approximately 81,282 residents live within three miles of the property, with an average household income of $115,968. Major nearby demand generators include Jersey College, Florida State College at Jacksonville's Deerwood Center, SpringHill Suites, Embassy Suites and a substantial concentration of professional office uses. Jacksonville Naval Air Station, one of the region's largest employment centers with more than 23,000 military and civilian personnel, is approximately six miles from the property.
The combination of a publicly traded and rapidly expanding tenant, newer 2021 construction, embedded rental growth and a proven infill Jacksonville location provides investors an opportunity to acquire a differentiated corporate net lease restaurant within one of Northeast Florida's most established commercial corridors.