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CAVA/First Watch Strip | King of Prussia, PA 129 Gulph rd 9,860 SF Retail Building King Of Prussia, PA 19406 $12,563,000 ($1,274.14/SF) 5.85% Cap Rate
Investment Highlights
- 86% leased to nationally recognized fast-casual brands
- Surrounded by 9M SF of retail within 3-mile radius
- Long-term NNN leases with stable cash flow
- Directly across from King of Prussia Mall
- Adjacent to two newly built hotel developments
- High-traffic location with 89K+ vehicles per day
Executive Summary
The property benefits from a prime King of Prussia location directly across from the King of Prussia Mall, within one of the Philadelphia MSA’s most heavily trafficked retail nodes. Daily vehicle counts exceed 250,000 along South Gulph Road, W. DeKalb Pike, and I-76. As part of a mixed-use development anchored by two newly constructed hotels, the site benefits from a built-in customer base from both business and leisure travelers and is surrounded by a dense retail ecosystem anchored by national brands, restaurants, and lifestyle tenants.
Leases are structured as NNN, with landlord responsibilities reimbursed by tenants, providing a predictable income stream with minimal management obligations. First Watch and CAVA operate under 10-year corporate NNN leases featuring rental increases of 10–15% in year six and at each renewal option. Just Salad is secured under a 10-year NNN lease with 3% annual escalations throughout the base term and option periods.
King of Prussia is one of the most coveted submarkets in Greater Philadelphia, with limited new retail development opportunities due to dense existing retail, high land costs, and strong demand. The scarcity of available space enhances long-term tenant retention and asset value, making this property a rare opportunity to acquire a new-construction retail asset in a high-barrier market.
Property Facts
Amenities
- Corner Lot
- Restaurant
- Signage
- Monument Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
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- Accommodation and Food Services
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CAVA is a U.S. fast-casual restaurant company focused on Mediterranean food with a build-your-own format of bowls, salads, and pitas. The business traces its roots to a 2006 full-service restaurant concept launched by three founders who later partnered with Brett Schulman to develop the fast-casual model and a line of packaged dips and spreads for retail. CAVA opened its first fast-casual restaurant in 2010 and expanded its footprint through organic growth and the 2018 acquisition of Zoe’s Kitchen, converting many of those locations to the CAVA format. The company went public on the New York Stock Exchange in June 2023 under the ticker CAVA. CAVA operates company-owned restaurants across the United States and maintains vertically integrated production capabilities for certain branded products. Headquarters are in Washington, DC. The brand highlights standardized kitchen systems, product development, and technology investments to support throughput and consistency. CAVA is publicly traded and reports results and corporate updates through its investor relations website and periodic press releases.
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- Accommodation and Food Services
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First Watch is an award-winning Daytime Dining concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. 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 First Watch specialties.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
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Accommodation and Food Services | - | - | - | ||
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Accommodation and Food Services | - | - | - |
Nearby Major Retailers
Property Taxes
| Parcel Number | 58-00-17473-523 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $264,640 |
Property Taxes
Presented by
CAVA/First Watch Strip | King of Prussia, PA | 129 Gulph rd
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