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First Watch, Alpharetta, GA

First Watch

Alpharetta, Georgia

Price $4,762,000
Cap Rate 5.25%
NOI $250,000
Lease Term 15 Years
Lease Type NNN, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 5,640 SF
Lot Size 1.791 Acres (78,016 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

15-YEAR NNN CORPORATE LEASE
» 15-year NNN corporate lease
» 10% rental increases every five (5) years, providing a hedge against inflation
» Building remodeled in 2022 with ample parking on-site for added customer convenience

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR NEAR MAJOR EMPLOYERS
» High-traffic location on Windward Parkway near the North Main Street four-way signalized intersection, with excellent visibility and access to a combined 75,000 vehicles per day
» Georgia State Route 400 is located one mile from the property, providing access to 143,000 vehicles per day
» Adjacent to Costco Wholesale and directly across from a Walmart Supercenter, promoting crossover traffic to the location
» Central location in a dense retail corridor with proximity to several large shopping centers and nearby tenants such as Kroger, The Home Depot, Lowe’s Home Improvement, Target, Chick-fil-A, and numerous others
» 10 large hotels with 1,365 guestrooms are situated within a two-mile radius of the property, providing a nearby regular customer base
» Alpharetta’s top 10 employers with a workforce of over 14,575 are located within four miles of the property, greatly increasing traffic in the surrounding area
» Minutes from Georgia State University Alpharetta Campus (33.73 acres, 53,737 total students across six campuses) with proximity to many well-attended Fulton County schools (94,000+ student enrollment)

DENSELY POPULATED AND AFFLUENT GEORGIA SUBURB
» Population of 169,099 within a five-mile radius (a 24 percent growth since 2010)
» Affluent community with an average annual household income of $155,269 within five
miles (projected to increase 11 percent by 2026)
» Beneficial proximity to several large airports including Cobb County International Airport
(the second busiest general aviation airport in the state), and Hartsfield-Jackson Atlanta
International Airport (the busiest airport in the world with over 100 million annual
passengers)
» Alpharetta ranks among one of the top 25 places to live in the entire country according
to Money Magazine
» Gateway to Atlanta, the most populous city in Georgia (498,715 residents), and the ninth largest
metro area in the U.S. (over six million people)
» Georgia’s business climate has been ranked #1 in the nation for the eighth consecutive year by Site Selection and Area Development ranked Georgia the top state for doing business for the seventh year in a row


Property Description

» First Watch is located on Windward Parkway near the North Main Street four-way signalized intersection with excellent visibility and access to a combined 75,000 vehicles per day
» Georgia State Route 400 is located one mile from the property, providing access to 143,000 vehicles per day
» The property is anchored by Costco Wholesale and directly across from a Walmart Supercenter, promoting crossover traffic to the location
» 10 large hotels with 1,365 guestrooms are situated within a two-mile radius of the property, providing a nearby regular customer base. The site is minutes from Georgia State University Alpharetta Campus (33.73 acres, 53,737 total students across six campuses) with proximity to many well-attended Fulton County schools (94,000+ student enrollment)
» The immediate area is densely populated with 169,099 residents within a five-mile radius (a 24 percent growth since 2010)
» Alpharetta ranks among one of the top 25 places to live in the entire country according to Money Magazine. Georgia’s business climate has been ranked #1 in the nation for the eighth consecutive year by Site Selection, and Area Development ranked Georgia the top state for doing business for the seventh year in a row
» The location is a gateway to Atlanta, the most populous city in Georgia (498,715 residents) and the ninth-largest metro area in the U.S. (over six million people)

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