Investment Highlights
- Brand New Construction; Opening September 2019!
- Long-Term, 15-Year Absolute Triple Net (NNN) Lease
- Lease Commencement Upon Close of Escrow
- 8% Rental Increases Every 5 Years
- 4, 5-Year Renewal Options, Bringing the Potential Lease Term to 35 Years
- Corporate Tenant | Corporate Guarantee
- Dense Retail Corridor | Target, CVS Pharmacy, Regal Cinemas, Dollar Tree, Gold’s Gym, Wawa, Burger King, Taco Bell, Starbucks, as well as Many Others
- Located Within Westchester Commons | Outdoor Shopping Center With 50+ Stores and Restaurants
- Affluent Suburban Community | Average Income Within a 3-Mile Radius Exceeds $127,840 |
- Population Exceeds 291,890 Individuals Within a 10-Mile Radius
- Within 15 Miles of Richmond, VA | Richmond International Airport – Serves Over 3.6 Million Passengers Annually
- Located Within a Four Miles Radius to John Tyler Community College | Total Enrollment Exceeding 7,000 Students
- Over 33,000 and 45,000 Vehicles Per Day Along Midlothian Turnpike and World War II Veterans Memorial Highway
Investment Overview
Marcus & Millichap is pleased to present the exclusive listing for a brand-new Panera Bread located at 200 Schofield Drive in Midlothian, 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 1.61-acre parcel of land. The café is scheduled to open in September 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 $154,767 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
