I just wanted to take a moment and thank you and your team for the good work that you have done on our behalf. Working together, we have really created value for Team Panera with the sale-leaseback program.  We have achieved results that we didn’t think possible at the time when we started our sale-leaseback program. All of the cafes that we worked on with your team have sold at very attractive cap rates and, as importantly, your work to qualify the buyers up front has put us in position not to have any fall out from potential buyers who have signed our PSA. The process that we have collectively built has allowed us to move each café forward quickly, with limited issues and has resulted in consistently favorable outcomes for Team Panera.  I also want to thank you for the extra effort you put in to close several transactions prior to the cafes opening.  Your team really stepped up to make those closings happen and we are truly appreciate of the efforts!

Panera has a fantastic brand and we get contacted on a regular basis by brokerage companies and teams soliciting us to work with them.  I can’t imagine any of these groups could offer the service and results you have provided. We are very happy with the decision we made back in 2012 to work with you and Marcus & Millichap!

Everyone on our team from the legal department to the deal guys loves working with your group. Our senior leadership team is very pleased with the results that we have been able to achieve together!  I look forward to many more successful closings together and thanks again for everything you do for Panera.



VP, Real Estate

Panera, LLC