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7/16/24
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A Los Angeles-based private investor purchased a newly renovated, single-tenant property occupied by First Watch restaurant in Tucson, near the University of Arizona. The 4.2k sf structure, which features a drive-thru/pick-up window, traded for $4 mil ($952/sf).
The restaurant sits on a 1.02-acre parcel at the signalized intersection of Blacklidge Drive and Campbell Ave. 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.
The First Watch 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.
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®, Farm Stand Breakfast Tacos, Avocado Toast, Chickichanga, Morning Meditation, Spiked Lavender Lemonade, and its signature Million Dollar Bacon.
The property is close to retail, office, and medical facilities, including the 649-bed Banner University Medical Center 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.
Bill Asher, Jeff Lefko and Lee Csenar of Hanley Investment Real Estate Advisors Inc represented the seller and developer, a private investor based in Orange County, California. The all-cash, 1031 exchange buyer was repped by Cory Krupinksy at Brisky Net Lease, in association with Brian Brockman at Bang Realty.
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