Panera Bread Suffolk, Virginia

$3,359,345
Property type: Single-Tenant Net Lease

The space

  • Price: $3,359,345
  • Annual Rent: $159,569
  • Lease Type: NNN
  • Lease Term: 15 Years
  • Rental Increases: 8% Every 5 Years
  • Options to Renew: 4, 5-Year Options
  • Store Opening: October, 2019
  • Estimated Building Size: 4,300 SF
  • Estimated Lot Size: +/- 1.09 Acres
  • Tenant / Guarantor: Corporate; Panera LLC

Description

1009 University Boulevard
Suffolk, VA 23435

Investment Highlights

  • 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

 

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 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

Bryn Merrey
Lic# 0225215804

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