First Watch - Monterra Shopping Center
Closed3900 N University Dr, Cooper City, FL 33024
Property type
Retail
Unit / Space count
1
Price
$3,000,000
Building size
3,767 sf
Rentable area
3,767 SF
Year built
2023
Year renovated
Occupancy
100%
Stories
1
APN
514104030091
Zoning code
PMUD
Lot size
0.14 Acres
Price per Unit
$3,000,000
Price per SF
$796.39
Property description
Franklin Street is pleased to present a newly constructed First Watch located in Cooper City, FL. This property sits on 5.3 acres of land that is managed and operated by The Shoppes at Monterra Commons. The tenant First Watch signed an Absolute Triple Net Lease (NNN) with a 10-year lease term and includes three (3) renewal options. The lease also includes a 10% rental increase once every five (5) years and includes the renewal options. The tenant recently commenced and opened its doors during Q2 of 2023. This location has generated an estimated 6,200 visitors since its opening according to Placer.ai. First Watch will be neighboring major national tenants in this center including Bright Star Credit Union Headquarters, Huey Magoos, Cali Coffee, and The Learning Experience, among others. First Watch borders the west side of N University Dr and south of Stirling Rd with strong demographics. This high-affluent area with an average of $99,749 household income within a 1-mile radius of the site, proves the trade area is poised for great shopping experiences, dining, and modes of entertainment. The Shoppes at Monterra Commons is surrounded by national tenants including Publix Supermarket, ALDI's supermarket, Home Depot, and Walgreens, amongst many others. Moreover, approved projects are being built directly next to the property with hundreds of multifamily units as well as newly constructed hospitals - Memorial Hospital Pembroke (486 Beds) to the south and a new NSU/HCA Teaching Hospital (200 Beds) to the north.
Property highlights
- Outstanding credit behind Absolute Triple Net Lease (NNN) with no landlord responsibilities
- Gross Leasable Area of 3,767 SF - Sits on 5.3 acres of land that is managed and operated by The Shoppes at Monterra Commons
- Property is neighboring nationally credited tenants including Bright Star Credit Union Headquarters, Huey Magoos, Cali Coffee, and The Learning Experience, among others
- Lease term is for 10 years with three (3) x five (5) year options, lease commenced in Q2 of 2023
- 10% rent increases once every five (5) years including the option periods
- This location has generated an estimated 6,200 visitors since its commencement date according to Placer.ai.
- First Watch has 600+ locations nationwide and an A+ rating by the BBB
- The building borders the west side of N University Dr and south of Stirling Rd with strong demographics
- National tenants within minutes of the property include Publix Supermarket, ALDI's supermarket, Home Depot, and Walgreens, amongst many others.
- The site has excellent exposure and frontage on N University Drive – totaling traffic counts exceeding 44,000 vehicles per day