Investment Highlights

10-YEAR NET LEASE TO HIGH-QUALITY CORPORATE TENANT
» Corporate lease to First Watch Inc. for 10 years
» Three (3) option periods of five (5) years each
» 10% fixed rental increases every five years in initial term and extension terms,
providing a hedge against inflation
» There are more than 400 First Watch restaurants in 29 states and growing
» First Watch restaurant concept is majority owned by Advent International, one of
the world’s largest private-equity firms

HIGH-TRAFFIC LOCATION IN DENSELY POPULATED, AFFLUENT, AND GROWING FLORIDA CORRIDOR
» High-visibility location on Baymeadows Road, with access to 67,000 vehicles per
day directly in front of the location
» Beneficial proximity to several highly trafficked Florida thoroughfares, including
Interstate 95, U.S. Route 1, and Interstate 295 (combined 264,100 AADT)
» Average annual household income of $84,952 within five miles of the location
» Population of 177,068 within a five-mile radius of the location, creating a large
customer base for the site
» Projected 12 percent average annual household income increase within a five-mile
radius of the site in the next five years, poising First Watch and Jacksonville for
significant concurrent growth
» 18 percent population increase within five miles of the site since 2010, illustrating
the immediate area’s rapid growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Part of Baymeadows Park, a new 253,000-SF retail center to feature a 110-room
hotel, three total restaurants, and two mixed use retail buildings
» Beneficial proximity to several popular Florida tourist attractions, including St.
John’s Town Center (approximately $800 million in annual visitor spending in St.
John’s County)
» Surrounded by several national retailers, including Walmart, Ramada Inn, Embassy
Suites, Starbucks, Hardee’s, Arby’s, and many more
» Gateway to Downtown Jacksonville, the most populous city in Florida (population
of 903,889 residents)
» Jacksonville serves as a regional healthcare center, with several large hospitals,
including the Mayo Clinic (one of only three in the U.S.) located near the site

Property Description

SOLD

Visibility to the property is increased by the site’s centralized location in a densely populated and growing retail corridor. The site has a high-visibility location along Baymeadows Road, with access to 67,000 vehicles per day directly in front of the location. The property also features a beneficial proximity to several highly trafficked Florida thoroughfares, including Interstate 95, U.S. Route 1, and Interstate 295 (combined 264,100 AADT). 177,068 residents live within a five-mile radius of the location, establishing an extremely large regular customer base for the site. The property resides in an affluent area, with an average annual household income of $84,952 within five miles of the location. The site is located in an area that has experienced rapid growth in recent years, with an 18 percent population increase within five miles of the site since 2010. The property is also primed to grow along with the surrounding area, with a projected 12 percent average annual household income increase within five miles of the site in the next five years.

Visibility and traffic to the site is greatly increased by its central location near large employers, retailers, and community hubs. The location is part of Baymeadows Park, a new 253,000-SF retail center to feature a 110-room hotel, three total restaurants, and two mixed use retail buildings. The property is four miles from St. John’s Town Center, while St. John’s County experiences approximately $800 million in annual visitor spending. The site is also immediately surrounded by several national retailers, including Walmart, Ramada Inn, Embassy Suites, Starbucks, Hardee’s, Arby’s, and many more, promoting crossover shopping to the location. The location also serves as a gateway to Downtown Jacksonville, the most populous city in Florida. Jacksonville serves as a regional healthcare center, with several large hospitals, including the Mayo Clinic (one of only three in the U.S.) located near the site.