Marcus & Millichap is pleased to present the exclusive listing for a brand new Panera Bread located at 810 England Street in Ashland, Virginia. This is a rare investment opportunity to participate in a direct sale leaseback with Panera Bread. The newly constructed site will be located immediately off of Interstate 95 and will consist of roughly 4,300 rentable square feet of building space on estimated 1.00-acre parcel of land. The café is scheduled to open in September of 2018.
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 $162,633 and will increase by 8 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.
The subject investment property is situated on England Street, which experiences an average daily traffic count of over 24,000 vehicles. Intersecting with England Street is Interstate-95, the main interstate highway running from Florida to Maine, which brings an additional 117,000 vehicles to the immediate area daily. There are approximately 19,200 individuals within a five-mile radius of the property and more than 156,800 individuals within a ten-mile radius. This café is situated in an affluent suburban community with an average household income of over $81,000 within a three-mile radius.
The subject property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, hotels, and shopping centers all within proximity of this subject property. Major tenants include: Walmart, Cracker Barrel, Starbucks, Chick Fil A, Applebee’s, Food Lion, Rite Aid, ACE Hardware, Tractor Supply Company, as well as many others. The café is strategically located in an area with an abundance of accommodations including: Hampton Inn, Holiday Inn, Red Carpet Inn, Quality Inn & Suites, Days Inn, and Sleep Inn. These accommodations are significant traffic drivers to the immediate area as many of these hotels are preferred partners with Kings Dominion. Kings Dominion is a 400-acre amusement park, which features over 60 rides and a 20-acre water park, that is located approximately 8 miles north of the subject property. Additionally, this café benefits from being situated within a two-mile radius of several academic institutions including Randolph-Macon College and John M Gandy Elementary. The most notable of the academic institutions is Randolph-Macon College which is located approximately one mile from the subject property and enrolls over 1,400 students. Richmond International Airport is also located less than a 30-minute drive from this Panera Bread property and averages an annual passenger count exceeding 3,000,000.
Affectionately known as the "Center of the Universe" by residents for its central location within the state, Ashland is a great place for travelers to call home while visiting Virginia. Just 15 miles north of Richmond, in Hanover County, Ashland is only 90 minutes away from Washington, D.C. and Williamsburg. Boston, New York, Detroit and Atlanta are all within a day’s drive. In fact, 60% of the U.S. population is within 750 miles of Ashland. A turn-of-the-century railroad town, Ashland was originally developed by the RF&P Railroad as a resort for Richmonders. Today the railroad tracks still send trains rumbling through the center of town, past Randolph-Macon College, lovely historic homes, shops and unique eateries.