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Restaurant

First Watch | New 10-Year NNN Lease

302 W Army Trail Rd, Bloomingdale, IL 60108

Listing Price: $3,416,667

Cap Rate
6.00%
Tenant Name
First Watch
Years Remaining On Lease
9.0
Gross SF
6,000
Guarantor
No Guarantee
Rentable SF
6,000
Price/Gross SF
$569.44
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$34.17

Investment Overview

Marcus & Millichap is pleased to present for sale, First Watch located in Bloomingdale, Illinois. The subject property currently has a 10-year triple-net lease with nine and a half years remaining. First Watch is being offered for $3,416,667.

Investment Highlights

  • First Watch 10-Year Triple-Net Lease with Nine and a Half Years Remaining in Bloomingdale, Illinois (Suburban Chicago) with Two Five Year Options and 10 Percent Rent Increases Every Five Years
  • Corporately-Operated Restaurant; Publicly-Traded (Nasdaq: FWRG); $1 Billion Market Cap Single-Concept Restaurant Group in Business Since 1983
  • Extensive Renovation and Fit-Out with New Interior Finishes, Restrooms, Exterior Finishes, HVAC, Lighting, FF&E and Kitchen Equipment
  • Tenant Required to Pay Percentage Rent in Amount of 6 Percent Over $3 Million Breakpoint
  • Triple-Net Lease Structure – Tenant Responsible for Roof, Structure, Sewer Lines, Parking Lot, HVAC
  • First Watch Reported Over 14.5 Percent Year Over Year Same-Store Sales Growth and Over 22 Percent Year Over Year Systemwide Sales Growth for Fiscal Year 2022
  • Dense Infill Demos: 7,970 in One-Mile, 102,928 in Three-Miles, and 246,350 in Five-Miles Population Counts
  • Affluent Area with $104-117,000 Average Household Income and $86- 100,000 Median Household Income in One, Three, and Five Mile Radius Rings

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Financing By

Restaurant

First Watch | New 10-Year NNN Lease

Listing Price: $3,416,667

Cap Rate
6.00%
Tenant Name
First Watch
Years Remaining On Lease
9.0
Gross SF
6,000
Guarantor
No Guarantee
Rentable SF
6,000
Price/Gross SF
$569.44
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$34.17

Investment Highlights

  • First Watch 10-Year Triple-Net Lease with Nine and a Half Years Remaining in Bloomingdale, Illinois (Suburban Chicago) with Two Five Year Options and 10 Percent Rent Increases Every Five Years
  • Corporately-Operated Restaurant; Publicly-Traded (Nasdaq: FWRG); $1 Billion Market Cap Single-Concept Restaurant Group in Business Since 1983
  • Extensive Renovation and Fit-Out with New Interior Finishes, Restrooms, Exterior Finishes, HVAC, Lighting, FF&E and Kitchen Equipment
  • Tenant Required to Pay Percentage Rent in Amount of 6 Percent Over $3 Million Breakpoint
  • Triple-Net Lease Structure – Tenant Responsible for Roof, Structure, Sewer Lines, Parking Lot, HVAC
  • First Watch Reported Over 14.5 Percent Year Over Year Same-Store Sales Growth and Over 22 Percent Year Over Year Systemwide Sales Growth for Fiscal Year 2022
  • Dense Infill Demos: 7,970 in One-Mile, 102,928 in Three-Miles, and 246,350 in Five-Miles Population Counts
  • Affluent Area with $104-117,000 Average Household Income and $86- 100,000 Median Household Income in One, Three, and Five Mile Radius Rings

Investment Overview

Marcus & Millichap is pleased to present for sale, First Watch located in Bloomingdale, Illinois. The subject property currently has a 10-year triple-net lease with nine and a half years remaining. First Watch is being offered for $3,416,667.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

Financing By

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