Restaurant

Panera Bread

115 Towne Dr, Elizabethtown, KY 42701

Listing Price: $2,960,000

Cap Rate
5.25%
Tenant Name
Panera LLC
Years Remaining On Lease
5.9
Gross SF
4,577
Guarantor
Corporate Guarantee
Rentable SF
4,577
Price/Gross SF
$646.71
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$33.95

Investment Overview

Marcus & Millichap is pleased to present the broker opinion of value for a Panera Bread located at 115 Towne Drive, in Elizabethtown, Kentucky. Built in 2006, the site consists of roughly 4,577 rentable square feet of building space on an estimated 1.02-acre parcel of land.
This investment property is subject to a 15-year triple-net NNN lease, which commenced on February 7th, 2006. The tenant recently exercised the first renewal option, extending the current term out to December 31st, 2026. The current annual rent is $144,800, which is set to increase to $155,400 in January 2022. In connection with COVID-19, the Tenant received a 1.5-month deferral of base rent. This deferred rent is being paid back in monthly installments of$1,508.33 throughout all of 2021. Additionally, there are currently two (2), five (5)-year tenant renewal options remaining, extending the total possible lease term to 30 years.

Investment Highlights

  • Tenant Displaying Commitment to this Site | Tenant Exercised the First Renewal
  • Attractive Rental Increase in January of 2022
  • 7% Rental Increases in Each Option Period | See Rent Schedule

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KY: 242197

    Kentucky

Listing Price: $2,960,000

Cap Rate
5.25%
Tenant Name
Panera LLC
Years Remaining On Lease
5.9
Gross SF
4,577
Guarantor
Corporate Guarantee
Rentable SF
4,577
Price/Gross SF
$646.71
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$33.95

Investment Highlights

  • Tenant Displaying Commitment to this Site | Tenant Exercised the First Renewal
  • Attractive Rental Increase in January of 2022
  • 7% Rental Increases in Each Option Period | See Rent Schedule

Investment Overview

Marcus & Millichap is pleased to present the broker opinion of value for a Panera Bread located at 115 Towne Drive, in Elizabethtown, Kentucky. Built in 2006, the site consists of roughly 4,577 rentable square feet of building space on an estimated 1.02-acre parcel of land.
This investment property is subject to a 15-year triple-net NNN lease, which commenced on February 7th, 2006. The tenant recently exercised the first renewal option, extending the current term out to December 31st, 2026. The current annual rent is $144,800, which is set to increase to $155,400 in January 2022. In connection with COVID-19, the Tenant received a 1.5-month deferral of base rent. This deferred rent is being paid back in monthly installments of$1,508.33 throughout all of 2021. Additionally, there are currently two (2), five (5)-year tenant renewal options remaining, extending the total possible lease term to 30 years.

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KY: 242197

    Kentucky

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