Panera Bread Muncie, Indiana

$3,183,952
Cap Rate: 4.90%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 4.90%
Price: $3,183,952
Annual Rent: $156,014
Est Store Opening: December 2019
Building Size: 5,460 SF
Lot Size: +/-1.41 Acres
Lease Expiration: 15 Years Upon COE
Lease Type: NNN
Rental Increases: 8% Every 5 Years
Options to Renew: 4, 5-Year Options

900 E. McGalliard Road
Muncie, IN 47303

Investment Highlights

  • Brand New Construction; Relocation Store Opening December 2019
  • Long-Term, 15-Year Absolute NNN Lease
  • Lease Commencement Upon Close of Escrow
  • 8% Rental Increases Every 5 Years
  • 4, 5-Year Renewal Options
  • Corporate Tenant | Corporate Guarantee
  • Dense Retail Corridor | Target, Dick’s Sporting Goods, Walgreens, CVS Pharmacy, Aldi, McDonald’s, Wendy’s, Burger King, as well as Many Others
  • Strong Academic Presence | Less Than Three Miles From Ball State University| Over 21,990 Students Enrolled
  • Excellent Demographics | Population Exceeds 111,340 Individuals Within a 10-Mile Radius
  • Positive Real Estate Fundamentals | Situated as an Outparcel to Muncie Mall | Northeast Indiana’s Premier Shopping Destination With 70+ Retail, Dining and Entertainment Options
  • Strong Traffic Counts | Over 31,560 Vehicles Per Day Along E. McGalliard Road
  • Acquired in 2017 by JAB Holdings, a European conglomerate that owns Krispy Kreme, Keurig, Peet’s Coffee, Pret A Manger, among other assets; positioning the chain for continued growth and long-term returns

 

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a brand-new Panera Bread located at 900 E. Highway 80 in Muncie, IN. This is a rare investment opportunity to participate in a direct sale leaseback with Panera Bread. The newly constructed site will consist of roughly 5,460 rentable square feet of building space on estimated 1.41-acre parcel of land. The café is scheduled to open in December of 2019.

Panera, LLC, the corporate operating entity, 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 $151,238 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.


Broker of Record

Josh Caruana – RB14034355

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