Panera Bread Naperville, Illinois

$2,782,814
Cap Rate: 5.00%
Under Contract
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.00%
Price: $2,782,814
Annual Rent: $132,184
Square Feet: 3,810 SF
Rent PSF: $34.69
Lot Size: +/- 1.0 Acres
Year Built: 2018
Lease Term: 15 Years
Lease Type: NNN
Rent Increases: 8% Every 5 Years
Option Periods: 4, 5-Year Options
Expiration Date: 15 Years Upon COE

1620 North Route 59
Naperville (Chicago MSA), IL 60563

Investment Highlights

  • Brand New Construction; Opening September 2018!
  • Long-Term, 15-Year Absolute Triple Net (NNN) Lease
  • Lease Commencement Upon Close of Escrow
  • Four, Five-Year Tenant Renewal Options with Eight Percent Rental Increases Every Five Years
  • Corporate Tenant | Corporate Guarantee
  • Extremely Affluent Community | Average Income within 5-Miles Exceeds $113,000
  • Population Exceeds 180,000 Within a 5-Mile Radius
  • Excellent Traffic Counts | North Route 59 and Nearby Interstate 88 | Average Daily Traffic Counts Exceeds 49,000 and 136,000 Vehicles Respectively

 

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a brand new Panera Bread located at 1620 North Route 59 in Naperville, IL. This is a rare investment opportunity to participate in a direct sale leaseback with Panera Bread. The newly constructed site will be located one-half mile south of Interstate 88 and will consist of roughly 3,810 rentable square feet of building space on estimated 0.96 acre parcel of land. The café is scheduled to open in September of 2018.

Panera, LLC, the corporate operating entity, will enter into a brand new 15-year triple-net (NNN) sale leaseback with the purchaser upon close of escrow. The initial annual rent will be $132,184 and will increase by eight percent (8.0%) every five (5) years throughout the term of the lease and in each option period. There will be four (4), five (5)-year tenant renewal options, extending the total possible lease term to 35 years.

 

Broker of Record

Steven Weinstock
License:  471.011175

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