First Watch recently executed a new 15-year absolute NNN lease with four 5-year renewal options, demonstrating strong long-term commitment to the site.

Built-In Rent Growth: The lease includes 10% rent increases every five years throughout the initial term and option periods, providing reliable income growth and inflation protection.

First Watch (NASDAQ: FWRG) is a fast-growing, nationally recognized restaurant brand with 540+ locations across 29 states, offering strong corporate backing.

Strategically located along S. McKenzie Street with 41,900 vehicles per day, the property benefits from excellent visibility and significant street frontage.

Situated within a dense retail trade area less than one mile from Tanger Outlets Foley and surrounded by major national tenants including Walmart, Home Depot, Lowe’s, and Publix.

Offered at a 5.5% cap rate on a 7,128 SF building on 1.76 acres, providing stable cash flow at an attractive basis in a high-growth coastal Alabama market.