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Views: 112 DOM: 496 Updated: 05.20.24 Posted: 04.30.23 Status: Active

Summary

Price $3,016,000
Built/Renov 2006
Tenant Panera Bread
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 5,555
Lease Start 07-01-2023
#Units 54
Price/SF $542.93
Expiration 06-30-2038
Tenant Type Fast Casual/Rest.
NOI $150,817
R. Term 13.9
Ownership Fee Simple
Rent/SF $27.15
Increases 7.5%/5/yrs
Pop 5Mi 66,609
Lot/AC 1.61
Options 4/5yrs/7.5%
AHHI 5Mi $106,995

Lease Highlights

  • Panera Bread will execute a brand new 15-year lease at the close of escrow
  • The lease features 7.5% rental increases every five years throughout the initial term and at the beginning of each option
  • The lease also includes 4 (5-year) options to extend
  • Absolute NNN lease | Zero landlord responsibilities
  • Dalcan, LLC (54 Panera Bread Stores) is the guarantor of the lease

Location Description

This Panera Bread is property is strategically located near the signalized, hard corner intersection of State Highway 8 and East Aurora Road (Hwy 82) with access to 27,300 vehicles per day. The site is less than a mile from the on/off ramp to Interstate 271, an auxiliary interstate highway serving the suburbs of Cleveland and Akron, seeing over 70,000 vehicles per day. Panera Bread is...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Panera Bread Company is an American bakery-café fast casual restaurant chain, offering bakery items, pasta, salads, sandwiches, soups and specialty drinks. Founded in 1987 as Paradise...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 3,317 33,695 66,284
2023 Total Population : 3,378 34,327 67,136
2023 Employed Civilian Pop : 1,593 17,786 35,260
2023 Total Businesses : 365 1,280 2,976
2023 Average Household Income : $ 117,345 $ 124,594 $ 125,583
2023 Total Consumer Spending : $ 149 M $ 1559 M $ 2959 M
2023 Median Age : 50 46 46
2023 Total Households : 1,502 14,713 27,690
2023 Pop Age 25+: Bachelor's Degree : 700 6,782 14,013
2023 Average Home Value : $ 267,934 $ 280,103 $ 291,668
*ESRI data is presented for informational purposes only

Listing Broker

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