lakeland, florida first watch...southeastern university • 6.9 miles 3. polk state college lakeland...

ATLANT ICRETAIL .COM | 1F IRST WATCH | INVESTMENT H IGHL IGHTS

HIGHLY VISIBLE RETAIL SITEThe Property is located at a highly visible retail site with direct access to U.S. Highway 98 (46,500 ADT). Situated beside Wawa and across the street from a shopping center that features retail tenants including Hobby Lobby and Big Lots, the Property is close to Lakeland Square Mall. This shopping and lifestyle destination includes major national tenants like Dillards, JCPenney, Sears and Burlington Coat Factory, and is the only shopping center located off Interstate 4 between Tampa and Orlando.

RECOGNIZED RETAIL TENANTFirst Watch is a fresh, modern restaurant concept that serves craveable food featuring quality ingredients. First Watch serves breakfast, brunch and lunch from 7 a.m. until 2:30 p.m. seven days a week. First Watch currently operates more than 300 locations across 26 states, and the Company was named the 2016 “Top Family Dining Restaurant” by Consumer Reports. This location had a very strong opening and is trending to become a $2 million store, a performance roughly 30 percent greater than the average First Watch restaurant.

$54,912AVG HH INCOME IN 5-MILE RADIUS

46,500ADT ON NEARBY U.S. HIGHWAY 98

123,708EST POPULATION IN 5-MILE RADIUS

$2.22 BAVG HH SPENDING IN 5-MILE RADIUS

ATLANT ICRETAIL .COM | 2F IRST WATCH | T ENA NT P ROF IL E

Founded in California in the year 1983, First Watch specializes in award-winning, made-to-order breakfast, brunch and lunch dishes. The restaurants serve a fine-tuned menu from 7 a.m. until 2:30 p.m. every day of the week. The Company provides customers with a unique farm-to-table experience backed by great customer service. First Watch was recently named the 2016 “Top Family Dining Restaurant” by Consumer Reports, and was a 2015 “Top Consumer Pick” by Nation’s Restaurant News.

First Watch is the largest and fastest growing daytime-only restaurant concept in the United States, with more than 300 locations in 26 states, predominantly in Florida, Texas, Ohio, Colorado and Arizona. In July 2017, Advent International—one of the most experienced global private equity investors—agreed to make a majority investment in First Watch Restaurants, Inc., a portfolio company of Freeman Spogli & Co.

Moving into 2018, the Company is poised for another year of record growth and standout sales. First Watch is positioned to not only grow within its current markets, but also to expand its unique concept to guests in new geographies. In 2016, new partnerships with multi-unit franchise owners helped bring about the opening of more than 100 new restaurants in markets such as Louisiana, Mississippi and the Carolinas.

First Watch

ATLANT ICRETAIL .COM | 3F IRST WATCH | LEASE S UMMARY

ADDRESS 4316 U.S. Highway 98 North

Lakeland, FL 33810

TENANT First Watch Restaurants, Inc.

GUARANTOR Corporate

MARKET Lakeland-Winter Haven MSA

ASKING PRICE $2,426,472

CAP RATE 5.50%

BUILDING +/- 3,512 SF

LAND SIZE +/- 0.805 acres

YEAR BUILT 2017

COMMENCEMENT November 30, 2017

EXPIRATION December 31, 2027

LEASE TERM 10 Years

ANNUAL RENT $133,455.96 ($38.00/SF)

OPTIONS 2 x 5-Year OptionsWith 10% Increases

LEASE TYPE NNN

LANDLORD No Responsibilities

YEARS ANNUAL RENT INCREASE

1–5 (Base Term) $133,455.96 ($38.00/SF) None

6–10 (Base Term) $146,801.64 ($41.80/SF) 10%

11–15 (Option 1) $161,481.72 ($45.98/SF) 10%

16–20 (Option 3) $77,636.96 ($50.58/SF) 10%

Rent Schedule

Lease Summary

ATLANT ICRETAIL .COM | 4FIRST WATCH | S IT E PLAN

U.S

. HIG

HW

AY

98

NO

RTH

: 46

,50

0 A

DT

ATLANT ICRETAIL .COM | 5F IRST WATCH | S IT E PLAN

SITE

ATLANT ICRETAIL .COM | 6F IRST WATCH | MAR KET AER IAL

U.S

. HIG

HW

AY

98

NO

RT

H: 4

6,5

00

AD

T

SLEEPY HILL ROAD

INTERSTA

TE 4: 1

02,000 A

DT

LAKELAND SQUARE MALL

LAKELAND PARK CENTER

SHOPPES OF LAKELAND

MEADOW VIEW LAKE

WEDGEWOOD HEALTHCARE CENTER

LAKE GIBSON VILLAGE SENIOR LIVING COMMUNITY

LAKE GIBSON VILLAGE SENIOR LIVING COMMUNITY

LAKEGIBSON

CARDINAL HEALTH

ATLANT ICRETAIL .COM | 7F IRST WATCH | MAR KET AER IAL

LAKELAND SQUARE MALL

PUBLIX FIELD AT JOKER MERCHANT STADIUM

FEDEX SHIP CENTER

KEYMARKCORPORATION

LAKELAND PARK CENTER

KATHLEEN RO

AD: 17,700 A

DT

GRIFFIN ROAD: 16,900 ADTU

.S. H

IGH

WA

Y 9

8 N

OR

TH

: 46

,50

0 A

DT

INTERSTA

TE 4: 102,000 A

DT

1

3

2

4

5

67

8

9

1112

15

10

13

14

16Orlando, FL

17

The city of Orlando is known as the “Theme Park Capital of the World” because it’s home to more than a dozen theme parks and resorts, including Disney World, Universal Orlando and Epcot. The Orlando metropolitan area has a population of more than 2.3 million and is the sixth largest metropolitan area in the Southern U.S. In 2013, over 59 million visitors came to the Orlando region, spending over $33 billion.

INTERSTATE 4102,000 ADT

AREA ATTRACTIONS 1. Florida Southern College • 6.1 miles2. Southeastern University • 6.9 miles3. Polk State College Lakeland Campus • 10.0 miles4. Lakeland Linder Regional Airport • 12.6 miles5. Bartow Municipal Airport • 20.8 miles6. LEGOLAND Florida Resort • 31.7 miles7. University of South Florida • 31.8 miles8. Walt Disney World • 33.9 miles9. Tampa, Florida • 34.2 miles10. Tampa General Hospital • 35.4 miles11. Disney’s Animal Kingdom • 35.6 miles12. Disney’s Magic Kingdom • 38.0 miles13. Epcot • 38.5 miles14. Tampa International Airport • 41.8 miles15. MacDill Air Force Base • 42.2 miles16. Orlando, Florida • 52.5 miles17. Orlando International Airport • 53.4 miles

ATLANT ICRETAIL .COM | 8 F IRST WATCH | MAR KET AER IAL

TAMPA, FL

ATLANT ICRETAIL .COM | 9F IRST WATCH | MAR KET OVERVIEW

MAJOR TRANSPORTATION HUBThe city of Lakleand is best known for its gorgeous, picturesque lakes and beautiful white swans, but the area is quickly becoming a major transportation hub in Central Florida—the city is home to both FedEx Freight and FedEx Services. Downtown Lakeland is a vital and enjoyable place for residents and visitors, earning the nickname “Lakeland’s Living Room.” Quaint shops, casual restaurants, craft breweries, and fine-dining experiences abound in the area surrounding the historic Munn Park town square.


CENTER OF HIGHER EDUCATIONThe Lakeland area is home to Southeastern University, Florida Polytechnic University, Polk State College’s Lakeland Campus and Florida Southern College, as well as the corporate headquarters of Publix Super Markets and Saddle Creek Logistics. Several regional hubs and distribution centers can also be found in Lakeland, belonging to such notable companies as GEICO Insurance, Amazon, Rooms To Go, Well Dyne, Advanced Auto Parts, Southern Wine & Spirits, O’Reilly Auto Parts, Lockheed Martin and Pepperidge Farm.

ATLANT ICRETAIL .COM | 1 1F IRST WATCH | MAR KET OVERVIEW

MAJOR TOURISM MARKETLakeland is strategically positioned between two of Central Florida’s most prominent cities: Tampa and Orlando. The Tampa Bay Area has a population of more than 4.5 million and is ranked as a Gamma+ world city alongside Phoenix, Charlotte, Rotterdam and Santo Domingo. Tampa is home to Port Tampa Bay, the largest port in the state and one of the busiest commercial ports in North America. Since the year 2000, Tampa has seen a notable upsurge in high-market demand from consumers, signaling more wealth concentrated in the area.


CLOSE PROXIMITY TO DISNEY WORLDNicknamed the “Theme Park Capital of the World,” Orlando regularly draws in more than 62 million visitors to its many theme parks and resorts, including Walt Disney World, Universal Orlando and SeaWorld. Orlando is one of the busiest cities for conferences and conventions, and is home to the second largest convention facility (Orange County Convention Center) and the largest university campus (University of Central Florida) in the United States.

ATLANT ICRETAIL .COM | 13F IRST WATCH | D EMOGRAP HICS

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

Estimated Population 9,878 55,142 123,708

2022 Projected Population 10,871 61,280 137,935

2010 Census Population 9,227 50,734 114,250

2000 Census Population 7,026 41,349 95,481

Projected Annual Growth (2017–2022) 2.0% 2.2% 2.3%

Historical Annual Growth (2000–2017) 2.4% 2.0% 1.7%

Estimated Households 4,569 21,981 47,933

2022 Projected Households 4,727 22,843 50,081

2010 Census Households 4,227 20,141 44,011

2000 Census Households 3,126 16,475 38,049

Projected Annual Growth (2017–2022) 0.7% 0.8% 0.9%

Historical Annual Growth (2000–2017) 2.7% 2.0% 1.5%

Est. HH Income $200,000+ 2.3% 1.6% 1.4%

Est. HH Income $150,000-$199,999 2.8% 2.5% 2.9%

Est. HH Income $100,000–$149,999 8.5% 8.5% 9.6%

Est. HH Income $75,000-$99,999 10.3% 11.4% 11.6%

Est. HH Income $50,000–$74,999 20.5% 19.4% 19.3%

Est. HH Income $35,000–$49,999 21.7% 17.0% 16.3%

Est. HH Income $25,000–$34,999 14.4% 13.2% 12.5%

Est. HH Income $15,000–$24,999 11.9% 13.7% 13.5%

Est. HH Income Under $15,000 7.5% 12.8% 12.8%

Est. Average Household Income $56,269 $53,545 $54,912

Est. Median Household Income $46,970 $45,312 $47,641

PO

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INC

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DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

Est. White 75.6% 63.8% 68.9%

Est. Black 12.9% 25.5% 20.7%

Est. Asian or Pacific Islander

4.4% 2.5% 2.1%

Est. American Indian or Alaska Native

0.3% 0.4% 0.5%

Est. Other Races 6.9% 7.8% 7.8%

Est. HispanicPopulation

1,472 9,228 21,180

Est. HispanicPopulation

14.9% 16.7% 17.1%

2022 ProjectedHispanic Population

16.8% 18.3% 18.8%

2010 HispanicPopulation

12.5% 13.7% 14.4%

Demographics

ATLANT ICRETAIL .COM | 14F IRST WATCH | CON F IDENT IAL ITY

Confidentiality & DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Atlantic Retail Investment Services and should not be made available to any other person or entity without the written consent of Atlantic Retail Investment Services. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Atlantic Retail Investment Services has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Atlantic Retail Investment Services has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail Investment Services conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

lakeland, florida first watch...southeastern university • 6.9 miles 3. polk state college lakeland...

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