- Brand New Construction; Opening October 2019
- Long-Term, 15-Year Absolute NNN Lease
- Lease Commencement Upon Close of Escrow
- 8% Rental Increases Every 5 Years
- 4, 5-Year Tenant Renewal Options, Bringing the Potential Lease Term to 35 Years
- Corporate Tenant | Corporate Guarantee
- Dense Retail Corridor | Walmart, Kroger, Rite Aid, Dick’s Sporting Goods, Food Lion, Applebee’s, McDonald’s, Wendy’s, as well as Many Others
Located Within a 10 Miles Radius of Old Dominion University | Total Enrollment Exceeding 24,930 Students |
- Average Income within a Three-Mile Radius Exceeds $90,820
- Population Exceeds 404,430 Indivduals Within a 10-Mile Radius
- 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
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 sale leaseback with the purchaser upon close of escrow. The initial annual rent will be $159,569 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