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Restaurant

Panera Bread | Absolute NNN | 2nd Largest Franchisee in System | +/-10 Years of Firm Term Left

2044 Celebration Dr NE, Grand Rapids, MI 49525

Listing Price: $3,080,000

Cap Rate
5.50%
Tenant Name
Panera Bread
Years Remaining On Lease
9.8
Guarantor
Franchisee Guarantee
Rentable SF
4,724
Lease Type
Absolute Net
Rent Per Square Feet
$35.86

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an absolute, triple-net leased Panera Bread in Grand Rapids, Michigan. The tenant, one of Panera’s largest franchisee operators, exercised a renewal option period early at this highly established location and currently has just under ten years of firm term remaining and one, five-year option to renew thereafter. Built in 2003, this Panera Bread sits on 0.90 acres within Celebration Village, an outdoor shopping and dining destination on the northeast side of downtown Grand Rapids along a major retail corridor serving an affluent residential area with average, annual household incomes exceeding $154,000+. The site is also just one mile north of Cornerstone University and one-half mile from Kent Career Technical Center. Panera Bread is one of the largest retail bakery cafes in the world with more than 2,120 bakery café retail locations in 48 states and Canada with 2020 annual revenues exceeding $5.35 billion.

Investment Highlights

  • Long-Term Absolute NNN Lease with No Landlord Responsibilities
  • Shopping/Dining/Retail Corridor Location. The Property is Located within Celebration Village, an Outdoor Shopping Area with Tenants Such as Buffalo Wild Wings, IHOP, Aldi, Starbucks and HopCat
  • University Town Location. This Panera Bread is Located Near Cornerstone University, a Private, Non-Denominational Christian university with approximately 2,000 students and a $10M+ Endowment Fund
  • Large 140-Unit Franchise Operator with Locations in 6 Different States
  • Average Household Income Within a 1-Mile Radius is Approximately $154,000+
  • Other Retailers in the Immediate Area Include, Meijer, Old Navy, ULTA, TJ Maxx, PF Chang's, Five Below, Potbelly, Qdoba, Goodwill, Jersey Mikes, Sherwin Williams and More

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Restaurant

Panera Bread | Absolute NNN | 2nd Largest Franchisee in System | +/-10 Years of Firm Term Left

Listing Price: $3,080,000

Cap Rate
5.50%
Tenant Name
Panera Bread
Years Remaining On Lease
9.8
Guarantor
Franchisee Guarantee
Rentable SF
4,724
Lease Type
Absolute Net
Rent Per Square Feet
$35.86

Investment Highlights

  • Long-Term Absolute NNN Lease with No Landlord Responsibilities
  • Shopping/Dining/Retail Corridor Location. The Property is Located within Celebration Village, an Outdoor Shopping Area with Tenants Such as Buffalo Wild Wings, IHOP, Aldi, Starbucks and HopCat
  • University Town Location. This Panera Bread is Located Near Cornerstone University, a Private, Non-Denominational Christian university with approximately 2,000 students and a $10M+ Endowment Fund
  • Large 140-Unit Franchise Operator with Locations in 6 Different States
  • Average Household Income Within a 1-Mile Radius is Approximately $154,000+
  • Other Retailers in the Immediate Area Include, Meijer, Old Navy, ULTA, TJ Maxx, PF Chang's, Five Below, Potbelly, Qdoba, Goodwill, Jersey Mikes, Sherwin Williams and More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an absolute, triple-net leased Panera Bread in Grand Rapids, Michigan. The tenant, one of Panera’s largest franchisee operators, exercised a renewal option period early at this highly established location and currently has just under ten years of firm term remaining and one, five-year option to renew thereafter. Built in 2003, this Panera Bread sits on 0.90 acres within Celebration Village, an outdoor shopping and dining destination on the northeast side of downtown Grand Rapids along a major retail corridor serving an affluent residential area with average, annual household incomes exceeding $154,000+. The site is also just one mile north of Cornerstone University and one-half mile from Kent Career Technical Center. Panera Bread is one of the largest retail bakery cafes in the world with more than 2,120 bakery café retail locations in 48 states and Canada with 2020 annual revenues exceeding $5.35 billion.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

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