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
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