Panera Bread Muncie,Indiana

$3,183,952
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $3,183,952
  • Annual Rent: $156,014
  • Building Size: 4,393 SF
  • Lot Size: 1.03 Acres
  • Lease Expiration: 15 Years Upon COE
  • Lease Type: NNN
  • Rental Increases: 8% Every 5 Years
  • Options to Renew: 4, 5-Year Options
  • Store Opened: December 5, 2019

Description

900 E. McGalliard Road
Muncie, IN 47303

Investment Highlights

  • Brand New Construction With Drive-Thru; Opened December 2019!
  • Long-Term, 15-Year Absolute Triple Net Lease
  • Lease Commencement Upon Close of Escrow
  • Corporate Relocation Site: Displaying the Tenants Long-Term Commitment to the Site. Panera Has Been Operating in the Muncie Market Since 2002
  • Eight Percent Rental Increases Every Five Years
  • Four, Five-Year Tenant Renewal Options, Bringing the Potential Lease Term to 35 Years
  • Dense Retail Corridor | Target, Dick’s Sporting Goods, Walgreens, CVS Pharmacy, Aldi, McDonald’s, Wendy’s, Burger King, as well as Many Others

 

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 consists of roughly 4,393 rentable square feet of building space on 1.03-acre parcel of land. This Panera Bread was a relocation store with a drive thru, and opened in December 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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