Panera Bread

Panera Bread

15 North Airmont Road
Suffern, NY

Price: $4,425,732
Cap: 5.00%
NOI: $221,287
Building Size: 4,430 SF
Lot Size: 1.43 AC

Investment Highlights

Marcus & Millichap is pleased to present the exclusive listing for a brand-new Panera Bread located at 15 North Airmont Road in Suffern, NY. The newly constructed site will consist of roughly 4,430 rentable square feet of building space on estimated 1.43-acre parcel of land. The subject investment property is subject to a brand new 15-year triple-net (NNN) ground lease, which will commence upon the close of escrow. The initial annual rent will be $221,287 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.

 

About the Investment

✓ Brand New Construction With Drive-Thru; Estimated Opening TBD

✓ Long-Term, 15-Year Absolute Triple Net (NNN) Ground 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

 

About the Location

✓ Dense Retail Corridor | Walmart, Walgreens, Starbucks, Wendy’s, McDonald’s, Shop Rite, Burger King, and Many More

✓ Strong Academic Presence | Less than Three Miles from Rockland Community College| Total Enrollment Exceeds 7,000+ Students

✓ Affluent Suburban Community | Average Income Within a Three-Mile Radius is $122,000 | Population Exceeds 191,160 Individuals Within a Five-Mile Radius

✓ Strong Traffic Counts | North Airmont Road and Interstate-87 | Approximately 11,500 and 102,500 Vehicles Per Day, Respectively

About the Tenant / Brand

✓ Panera has been one of the most successful restaurant companies in history

✓ Panera was the best-performing restaurant stock when measured over the last 20 years; delivering a total shareholding return 44 times better than the S&P 500 from 1997 to 2017

✓ Named “Sales Leader” by Nation’s Restaurant News in the Bakery-Café Group – August 2018 ✓ Pioneer in Advanced Technology – Driver of Ongoing Sales Growth and Improved Delivery-Catering Initiatives

✓ Acquired in 2017 by JAB Holdings, a European conglomerate that owns Krispy Kreme, Keurig, Peet’s Coffee, Pret A Manger, among other assets; positioning the chain for continued growth and long-term returns

Don McMinn
OFFERING MEMORANDUM

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