Panera Bread Mundelein, Illinois

$3,883,495
Cap Rate: 5.15%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.15%
NOI: $200,000
Year Built / Renovated: 2017
Building Size: 4,156
Lot Size: +/- 1.01 Acres
Type of Ownership: Fee Simple
Price / SF: $934.43
Rent / SF: $48.12

1575 South Lake Street
Mundelein, IL 60060

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Investment Highlights

  • Long-Term, 20-Year Absolute Triple Net (NNN) Lease
  • Lease Commencement Upon Close of Escrow
  • One and Three Quarter (1.75%) Annual Rental Increases Starting in Year 6
  • Six (6), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 50 Years

 

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Panera Bread located at 1575 South Lake Street in Mundelein, IL. This is a rare investment opportunity to participate in a direct sale leaseback with Hamra Enterprises.  This café consists of roughly 4,156 rentable square feet of building space on an estimated 1.01-acre parcel of land.

Chicago Bread, LLC will enter into a brand new 20-year triple-net (NNN) sale leaseback with the purchaser upon close of escrow. The initial annual rent will be $200,000 and will increase by one and three-quarter percent (1.75%) annually starting in year 6 and continuing throughout the term of the lease and in each option period. There will be six (6), five (5)-year tenant renewal options, extending the total possible lease term to 50 years.

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