Address: 303 North Pottstown Pike, Exton, Pennsylvania, United States 19341
Cap Rate: 6.00%
Lease Type: Double-Net (NN) Lease
Annual Rent: $268,755
Net Operating Income: $268,755
Lease Term Remaining: 10 Years
Rental Increases: 10% Every Five Years
Options: Two (2), Five (5) Year Renewal Options
Rentable Sq/Ft: 6,124 SF
Rent Sq/Ft: $43.89
Price Sq/Ft: $731
Lot Size: +/- 2.00 Acres
Marcus & Millichap is pleased to present the exclusive listing for a First Watch and Honeygrow located at 303 North Pottstown in Pike Exton, Pennsylvania. The site was recently redeveloped in 2018. The property consists of roughly 6,124 rentable square feet of building space on an estimated 2.00 acre parcel of land.
First Watch is subject to a brand new, 10-year double-net (NN) lease. The initial rent is $156,165, with 10% increases occurring every five years. There are two (2), five (5)-year tenant renewal options, bringing the potential lease term to 20 years.
Honeygrow is subject to a brand new, 10-year double-net (NN) lease. The initial rent is $112,590, with 10% increases occurring every five years. There are two (2), five (5)-year tenant renewal options, bringing the potential lease term to 20 years.
The subject investment property is situated on North Pottstown Pike, which boasts average daily traffic counts exceeding 44,962 vehicles respectively. North Pottstown Pike intersects with West Lincoln Highway, which brings an average additional 20,824 vehicles to the immediate area each day. There are more than 40,788 individuals residing within a three-mile radius of the property and more than 96,100 individuals within a five-mile radius.
The subject property is well-positioned in a dense retail corridor, benefitting from its close proximity to several national and local tenants. Major national tenants include: Walmart, Target, Aldi, Staples, Ulta Beauty, KFC, Panera Bead, Wendy’s, McDonald’s, as well as many others. The subject property is located across the street from Exton Square Mall. This 1,000,000 sf regional mall is anchored by Macy’s, Boscov’s, and Sears and contains over 110 retail stores. This subject property also benefits from its close proximity to several academic institutions. Most notably is Immaculata University, which is approximately four miles from the subject property and has a total enrollment exceeding 4,450 students.
Philadelphia is the largest city in the Commonwealth of Pennsylvania and the sixth-most populous in the United States. The city is the economic and cultural anchor of the Delaware Valley, a metropolitan area home to 7.2 million people and the eighth-largest combined statistical area in the United States. Philadelphia is the center of economic activity in Pennsylvania with the headquarters of five Fortune 1000 companies located within the city limits. Philadelphia’s economic sectors include information technology, manufacturing, oil refining, food processing, health care, biotechnology, tourism, and financial services. Financial activities account for the largest sector of the metropolitan area’s economy. In addition to its large finance sector, Philadelphia is home to one of the largest health education and research centers in the United States
Broker of Record: Sean Beuche License # RM424190