Investment Highlights
- Brand New Construction; Opening Summer 2018
- Long-Term, 15-Year Absolute Triple Net (NNN) Lease
- Lease Commencement Upon Close of Escrow
- Eight Percent Rental Increases Every Five Years
- Four, Five-Year Tenant Renewal Options, Bringing the Potential Lease Term to 35 Years
- Corporate Relocation Site: Displaying the Tenants Long-Term Commitment to the Site
Investment Overview
Marcus & Millichap is pleased to present the exclusive listing for a brand new Panera Bread located at 2174 Lantern Ridge Drive in Richmond, KY. This is a rare investment opportunity to participate in a direct sale leaseback with Panera Bread. The newly constructed site will be located immediately off of Interstate 75 and will consist of roughly 4,500 rentable square feet of building space on estimated 1.00 acre parcel of land. The café is scheduled to open in June of 2018.
The subject property is an outparcel to Richmond Centre, which has over 800,000 square feet of retail space and is anchored by Meijer, JCPenney, Belk, Cinemark and T.J. Maxx. This Panera Bread location is 25 miles south of Lexington, and one mile from Eastern Kentucky University, with over 16,000 students enrolled.
Panera, LLC will enter into a brand new 15-year triple-net sale leaseback with the purchaser upon close of escrow. The initial annual rent will be $131,692 and will increase by eight percent every five years throughout the term of the lease and in each option period. There will be four, five-year tenant renewal options, extending the total possible lease term to 35 years.
