Panera Bread Suffolk, Virginia

$3,359,345
Cap Rate: 4.75%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 4.75%
Price: $3,359,345
Annual Rent: $159,569
Lease Type: Triple-Net (NNN)
Lease Term: 15 Years
Rental Increases: 8.0% Every Five (5) Years
Options to Renew: 4 Periods of 5 Years Each
Store Opening: October, 2019
Estimated Building Size: 4,300 SF
Estimated Lot Size: +/- 1.09 Acres
Type of Ownership: Fee Simple
Tenant / Guarantor: Corporate; Panera LLC

1009 University Boulevard
Suffolk, VA 23435

Investment Highlights

Brand New Construction; Opening October 2019!
Long-Term, 15-Year Absolute Triple Net (NNN) Lease
Lease Commencement Upon Close of Escrow
Eight Percent (8.0%) Rental Increases Every Five (5) Years
Four (4), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 35 Years
Corporate Tenant | Corporate Guarantee

About the Location

Dense Retail Corridor | Walmart, Kroger, Rite Aid, Dick’s Sporting Goods, Food Lion, Applebee’s, McDonald’s, Wendy’s, as well as Many Others
Strong Academic Presence | Old Dominion University | Total Enrollment Exceeding 24,930 Students | Located Within a Ten Miles Radius
Affluent Suburban Community | Average Income within a Three-Mile Radius Exceeds $90,820 | Population Exceeds 404,430 Individuals Within a 10-Mile Radius
Excellent Real Estate Fundamentals | Within 35 Miles of Virginia Beach, VA and Norfolk, VA | Norfolk International Airport – Serves Over 3.6 Million Passengers Annually
Features High Visibility and Ease of Access | Over 66,000, 22,000 and 11,000 Vehicles Per Day Along Interstate-644, College Road and Hampton Roads Pkwy

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a brand-new Panera Bread located at 1009 University Boulevard in Suffolk, Virginia. This is a rare investment opportunity to participate in a direct sale leaseback with Panera Bread. The newly constructed site will consist of roughly 4,300 rentable square feet of building space on estimated 1.09-acre parcel of land. The café is scheduled to open in October of 2019.

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 $159,569 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

Bryn Merrey
Lic# 0225215804

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