Restaurant
First Watch | New 10-Yr Lease | Walmart Outparcel
346 Robert Smalls Pkwy, Beaufort, SC 29902
Listing Price: $2,300,000
Cap Rate
5.65%
Tenant Name
First Watch
Years Remaining On Lease
9.8
Gross SF
5,655
Guarantor
Personal Guarantee
Rentable SF
5,655
Price/Gross SF
$406.72
Lease Type
Double Net
Rent Per Square Feet
$22.99
Investment Overview
Marcus & Millichap is pleased to exclusively present for sale, First Watch in Beaufort, South Carolina. The subject property has a 10 year double net lease with a new roof in process that was paid by the seller. First Watch is being offered for $2.3 million.
First Watch | New 10-Yr Lease | Walmart Outparcel
Investment Highlights
- New FirstWatch 10-Year Double-Net Lease in Beaufort, South Carolina
- Outparcel to Walmart Supercenter with 1.95 Million Customer Visits in T12 Months; #1 of Four Walmarts in 30-Mile Radius, and #3 of 14 in 50-Mile Radius
- Directly Across the Street from New $60 Million, 200,000-Square-Foot Beaufort Station Retail Development with Hobby Lobby, HomeGoods, Ross, ULTA, ALDI, Old Navy, and More
- 10 Percent Rent Increases Every Five Years of Primary Term and Options
- Extremely Minimal "NN+" Landlord Responsibilities - Roof and Structure Only
- New Roof in Process – Paid by Seller. Approximately $1.5 Million Invested by Tenant in Interior Fit Out and Overall Renovation – All-New HVAC, New Patio and Bar, New Sprinkler System.
- Extensive Tenant Repair, Maintenance and Replacement Obligations Itemized in Lease Agreement
- Experienced Six-Unit First Watch Franchisee Since 2017 with Exclusive Rights to the Charleston, South Carolina and Augusta and Savannah, Georgia Markets
Restaurant
First Watch | New 10-Yr Lease | Walmart Outparcel
Listing Price: $2,300,000
Cap Rate
5.65%
Tenant Name
First Watch
Years Remaining On Lease
9.8
Gross SF
5,655
Guarantor
Personal Guarantee
Rentable SF
5,655
Price/Gross SF
$406.72
Lease Type
Double Net
Rent Per Square Feet
$22.99
Investment Highlights
- New FirstWatch 10-Year Double-Net Lease in Beaufort, South Carolina
- Outparcel to Walmart Supercenter with 1.95 Million Customer Visits in T12 Months; #1 of Four Walmarts in 30-Mile Radius, and #3 of 14 in 50-Mile Radius
- Directly Across the Street from New $60 Million, 200,000-Square-Foot Beaufort Station Retail Development with Hobby Lobby, HomeGoods, Ross, ULTA, ALDI, Old Navy, and More
- 10 Percent Rent Increases Every Five Years of Primary Term and Options
- Extremely Minimal "NN+" Landlord Responsibilities - Roof and Structure Only
- New Roof in Process – Paid by Seller. Approximately $1.5 Million Invested by Tenant in Interior Fit Out and Overall Renovation – All-New HVAC, New Patio and Bar, New Sprinkler System.
- Extensive Tenant Repair, Maintenance and Replacement Obligations Itemized in Lease Agreement
- Experienced Six-Unit First Watch Franchisee Since 2017 with Exclusive Rights to the Charleston, South Carolina and Augusta and Savannah, Georgia Markets
Investment Overview
Marcus & Millichap is pleased to exclusively present for sale, First Watch in Beaufort, South Carolina. The subject property has a 10 year double net lease with a new roof in process that was paid by the seller. First Watch is being offered for $2.3 million.
