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

CBRE IS PLEASED TO EXCLUSIVELY PRESENT FOR SALE this newly constructed, 86% leased multi-tenant retail pad building located at 129 South Gulph Road in King of Prussia, Pennsylvania. The 9,860-square-foot property is situated on a 5.3-acre condo parcel within the Gulph Creek Promenade mixed-use development, which includes two newly developed hotels and a retail pad building. Delivered in 2025, the asset features modern construction and NNN condo ownership. The center is currently 86% leased to nationally recognized fast-casual tenants First Watch, CAVA, and Just Salad, offering investors a combination of corporate-backed credit and strong rental growth.
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.