Press release
Hanley Investment Arranges $4 Million Sale of New Single-Tenant First Watch Restaurant in Tucson, Ariz., to Southern California Buyer
![This transaction marks the first sale of a single-tenant First Watch restaurant in the Western United States and achieved a record-low cap rate nationwide for 2024.](https://cdn.open-pr.com/X/7/X715528508_g.jpg)
This transaction marks the first sale of a single-tenant First Watch restaurant in the Western United States and achieved a record-low cap rate nationwide for 2024.
Hanley's Executive Vice Presidents Bill Asher and Jeff Lefko, in association with Lee Csenar of Hanley Investment Real Estate Advisors, Inc., represented the seller and developer, a private investor based in Orange County, California. The buyer, a private investor based in Los Angeles County, was represented by Cory Krupinksy at Brisky Net Lease in association with Brian Brockman at Bang Realty.
Hanley procured an all-cash buyer seeking a secure single-tenant investment to help fulfill a 1031 exchange requirement.
The 4,164-square-foot restaurant sits on a 1.02-acre parcel at the signalized intersection of Blacklidge Drive and Campbell Avenue. A new 12-year corporate triple-net lease is in place, with rent increases every six years during the base term and each of the two five-year renewal options. First Watch opened at 2943 North Campbell Avenue at the end of January 2024.
Headquartered in Bradenton, Florida, First Watch (NASDAQ: FWRG) is a daytime dining concept known for its made-to-order breakfast, brunch, and lunch using fresh ingredients. Two restaurant veterans tired of working late nights launched First Watch in 1983 in Pacific Grove, California. The restaurant is named and positioned according to a nautical timetable of the first work shift aboard a ship. First Watch is open from 7:00 a.m. to 2:30 p.m.
A recipient of hundreds of local "Best Breakfast" and "Best Brunch" accolades, First Watch's chef-driven menu includes elevated executions of classic favorites along with specialties such as the Quinoa Power Bowl Registered , Farm Stand Breakfast Tacos, Avocado Toast, Chickichanga, Morning Meditation, Spiked Lavender Lemonade, and its signature Million Dollar Bacon.
In 2023, First Watch was named the top restaurant brand in Yelp's inaugural list of the 50 most loved brands in the U.S. It was also recognized as a Top 100 Most Loved Workplace Registered in Newsweek by the Best Practice Institute in both 2023 and 2022. With over 530 locations across 29 states, First Watch is one of the fastest-growing restaurant chains in the U.S. The restaurant concept is majority-owned by Advent International, one of the world's largest private-equity firms.
The First Watch at 2943 North Campbell Avenue is strategically situated within one of the brand's top-performing markets. Among the eight existing Tucson locations, four rank among the top 10% to 20% performing sites out of 444 locations tracked by Placer.ai.
The property is close to retail, office, and medical facilities, including the 649-bed Banner University Medical Center situated just 1.5 miles away. Notable tenants nearby include Flower Child (the #1 performing location nationwide, according to Placer.ai) and Dough Bird across the street, in addition to Albertsons, Ross Dress for Less, World Gym, and Ace Hardware.
First Watch is located two miles from the nationally ranked University of Arizona's main campus. With 40,533 students and 16,699 employees, the university ranks among the top 25 largest public research universities. According to U.S. News & Report, the University of Arizona is recognized as one of the "Best National Universities" and "Best Public Universities" in 2024.
High-density demographics and a significant daytime population surround the property. Within a five-mile radius, there are 278,762 people and 157,648 employees. Tucson, Arizona's second-largest city, is situated in the Tucson Metropolitan Statistical Area, which boasts a population exceeding one million.
Media Contact
Company Name: Hanley Investment Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=hanley-investment-arranges-4-million-sale-of-new-singletenant-first-watch-restaurant-in-tucson-ariz-to-southern-california-buyer]
Phone: 949.585.7684
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Hanley Investment Arranges $4 Million Sale of New Single-Tenant First Watch Restaurant in Tucson, Ariz., to Southern California Buyer here
News-ID: 3582139 • Views: …
More Releases from ABNewswire
![Machine Tools Market is Estimated to Reach Significant CAGR of 5.6% by 2031, Owing to Demand for Precision and Efficiency](https://cdn.open-pr.com/X/8/X822609566_g.jpg)
Machine Tools Market is Estimated to Reach Significant CAGR of 5.6% by 2031, Owi …
Machine Tools Market Size, Share, Growth Analysis, By Product Type (Turning Machines, Grinding Machines), By Sales Channel (Direct Sales, Dealers and Distributors) By Automation (Computer Numerical Control (CNC), Conventional), By Region - Industry Forecast 2024-2031
Machine Tools Market [https://www.skyquestt.com/report/machine-tools-market] size was valued at USD 84.00 billion in 2022 and is expected to grow from USD 88.70 billion in 2023 to reach USD 137.17 billion by 2031, at a CAGR of 5.6%…
![Water Treatment Chemicals Market to Grow at a CAGR of 3.30% by 2023: Driven by the Rising Demand for Safe and Clean Water](https://cdn.open-pr.com/X/8/X822272470_g.jpg)
Water Treatment Chemicals Market to Grow at a CAGR of 3.30% by 2023: Driven by t …
Water Treatment Chemicals Market Size, Share, Growth Analysis, By Type (Coagulants, Chelating Agents), By Source (Synthetic, Bio-based), By Application (Boiler Water Treatment, Cooling Water Treatment), By End User (Residential, Industrial), By Region-Industry Forecast 2024-2031
Water Treatment Chemicals Market [https://www.skyquestt.com/report/water-treatment-chemicals-market] size was valued at USD 32.14 billion in 2022 and is poised to grow from USD 33.20 billion in 2023 to USD 43.05 billion by 2031, growing at a CAGR of 3.30%…
![Risk Analytics Market: Cyberattack Incidences Propel Growth at 21.90% CAGR by 2031](https://cdn.open-pr.com/X/8/X822221826_g.jpg)
Risk Analytics Market: Cyberattack Incidences Propel Growth at 21.90% CAGR by 20 …
Risk Analytics Market Size, Share, Growth Analysis, By Risk Type (Financial risks, Operational Risks), By Offering (Software, services), By Risk Stages (Risk identification, Risk assessment and prioritization)
Risk Analytics Market [https://www.skyquestt.com/report/risk-analytics-market] size was valued at USD 27 billion in 2022 and is poised to grow from USD 32.91 billion in 2023 to USD 160.47 billion by 2031, at a CAGR of 21.90% during the forecast period (2024-2031). R
Risk analytics tools are…
![Alta Stomatology Introduces Scientific Platforms to Advance Oral Disease Drug Development](https://cdn.open-pr.com/X/8/X822651232_g.jpg)
Alta Stomatology Introduces Scientific Platforms to Advance Oral Disease Drug De …
Alta Stomatology is proud to announce the introduction of advanced scientific platforms that aim to advance drug development for treating oral diseases.
Alta Stomatology, a leading company specializing in oral disease research, is proud to announce the introduction of advanced scientific platforms that aim to advance drug development for treating oral diseases.
Oral disease research focuses on the causes, diagnosis, and drug development for periodontal disease, dental caries, oral cancer, temporomandibular disorders…
More Releases for Watch
kore 2.0 watch review: where to buy kore 2 0 watch
Get Kore 2.0 From Its Official Website >> https://rebrand.ly/ee7e69
Kore 2.0 fitness band is equipped with important vital metrics and advanced sensors for reliable and fast results all stored in one device.
Reasons You Will Love Kore 2.0
Health Tracking
Track important health metrics like heart rate, body temperature and blood oxygen levels in seconds.
Fitness Tracking
Keep crushing your fitness goals faster with built-in multi-sport modes and 24/7 tracking of steps and calories burned.
You’ll Be…
Global Luxury Watch Market, Global Luxury Watch Industry, Covid-19 Impact Global …
Luxury watch is a specific type of an exclusive high-end watch that has better quality of products and flawless methods used in the manufacturing process for the same. Various inventive advertising methods combined with advanced products presented by the manufacturers have created a dizzying demand for the product. These watches are a minimal improvement over conventional clocks, with sophisticated functions and features that result in their great value. In addition,…
Moxie Fitbit Watch Review-Does Moxie Fitbit Watch Work-Complete Info
The Moxie Fitbit Watch is a elegant watch that combines the functionality of a timepiece with the biometric records of a fitness wristband. The 380mAh rechargeable Li-ion battery powers the Moxie Fitbit Watch and makes use of the newest contemporary fitness sensors and Bluetooth era. Compatible with each Android and iOS smartphones, customers can maintain tune in their health information with out sporting an ordinary fitness tracker layout.
However,…
Fitronix Fitness Watch Review-Does Fitronix Fitness Watch Work-Complete Info
Fitronix Fitness Watch Review Is It the reliable Business? >> The article consists of information, specification, advantages, and cons, and exchange and returns coverage of the Fitronix Fitness Watch.
In recent years, life has become greater traumatic than it has ever been. As a outcome, increasingly human beings are laid low with strain-related problems. Studies have observed that strain appears to worsen or increase the chance of situations like obesity, coronary…
RockFit Watch Review-Does RockFit Watch Work-Complete Info
RockFit watch is a health and health tracker smartwatch that enables you check your exercising development. According to the official website, this device does no longer only preserve note of what number of energy you’ve burned or how many steps you've got walked, however it also monitors your blood pressure, heart charge, and sleep metrics. http://claimspecialdiscount.site/Get-RockFitWatch-Now
Therefore, with a watch along with this one, you may readily live up to date…
Dutch Watch Professionals (DWP) organizes a bourse for Dutch watch brands
Utrecht, The Netherlands – The Dutch Watch Professionals (DWP), founded at the beginning of 2017, intends to become a branche organization for Dutch watch brands and the deliverers of this industrial branche. On May 27 2017 they organize the first Dutch Watch Showcase (DWS), a bourse for the above mentioned companies, taking place in Utrecht, The Netherlands.
In 2016 a couple of Dutch watch brands came up with the idea to…