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First Watch 1295 Olympia Fields Dr 3,853 SF Retail Building Oconomowoc, WI 53066 $3,625,417 ($940.93/SF) 6% Cap Rate
Investment Highlights
- New 2026 Build-to-Suit First Watch restaurant investment
- Publicly traded corporate tenant: First Watch Restaurants, Inc. (NASDAQ: FWRG)
- Strong co-tenancy and daily traffic drivers (Panera Bread + Chipotle)
- 10% rental increases every 5 years (and during each option)
- High-traffic corridor: I-94 ±60,000 VPD | Hwy 67 ±24,000 VPD
Executive Summary
New construction First Watch build-to-suit investment opportunity located at 1295 Olympia Fields Dr, Oconomowoc, WI, positioned within the Olympia Fields mixed-use development with immediate access to I-94 (±60,000 VPD) and Hwy 67 (±24,000 VPD). The property features a brand-new 10-year lease with 10% rent increases every five years, plus three (3) five-year options with 10% bumps in each option period. Lease is executed directly by First Watch Restaurants, Inc. (NASDAQ: FWRG), providing strong publicly traded corporate credit.
The 3,850 SF restaurant sits on a 1.16-acre site with 75 parking stalls (19.5/1,000 SF). Located directly alongside other high-profile national tenants including Panera Bread and Chipotle (under construction). The trade area benefits from major retail momentum including a planned Costco, Sendik’s, Fleet Farm, Kroger Metro Market, and additional residential + mixed-use development throughout Lake Country.
The 3,850 SF restaurant sits on a 1.16-acre site with 75 parking stalls (19.5/1,000 SF). Located directly alongside other high-profile national tenants including Panera Bread and Chipotle (under construction). The trade area benefits from major retail momentum including a planned Costco, Sendik’s, Fleet Farm, Kroger Metro Market, and additional residential + mixed-use development throughout Lake Country.
Property Facts
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Restaurant
Building Size
3,853 SF
Building Class
B
Year Built
2026
Construction Status
Under Construction
Price
$3,625,417
Price Per SF
$940.93
Cap Rate
6%
NOI
$217,525
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
1.17 AC
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- First Watch
- Accommodation and Food Services
-
99,999 SF
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| First Watch | Accommodation and Food Services | 99,999 SF | - | - |
Nearby Major Retailers
Contacts
-
Dan Rosenfeld -
Tanner Rosen -
Andrew Lund -
Mid-America Real Estate – Wisconsin, LLC
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First Watch | 1295 Olympia Fields Dr
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