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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 traces its roots to Greek family dining and Mediterranean mezze, with the founders building the concept from early full-service restaurants before developing the fast-casual format in 2010. The company serves customizable bowls, pitas, salads, dips, drinks, and desserts, with food built around Mediterranean flavors and a health-focused menu. CAVA has grown into a national restaurant business and also sells selected dips and dressings through grocery retail channels. The company emphasizes community programs, employee support, and sourcing relationships as part of its broader brand model.
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- Accommodation and Food Services
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First Watch began in 1983 in Pacific Grove, California, and later established its headquarters in Florida as the concept grew into a full-service daytime dining brand. The company serves made-to-order breakfast, brunch, and lunch with a menu built around fresh ingredients, seasonal specialties, and house-made preparations. First Watch maintains a significant presence across the United States and continues to operate as a restaurant business centered on morning and midday dining.
| 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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