Panera Bread

960 Tarrytown Center, Rocky Mount, NC

$2,726,288

Price

4.75%

Cap Rate

$129,499

NOI

Overview
Cap Rate
4.75%
NOI
$129,499
Building Size
5,460 sqft
Lot Area
1.41 acres
Lease Type
Triple Net
Year Built
2019
Tenancy
Single
Construction Status
Opening November 2019
Lease Expire Year
15 Years Upon COE
Description

Marcus & Millichap is pleased to present the exclusive listing for a brand-new Panera Bread located at 960 Tarrytown Center in Rocky Mount, NC. This is a rare investment opportunity to participate in a direct sale leaseback with Panera Bread. The newly constructed site will consist of roughly 5,460 rentable square feet of building space on estimated 1.41-acre parcel of land. The café is scheduled to open in November 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 $129,499 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
Ben Yelm
Marcus &Millichap REIS of North Carolina
License: 303785

Highlights
  • Brand New Construction; Opening November 2019!
  • Long-Term, 15-Year Absolute NNN Lease
  • Lease Commencement Upon Close of Escrow
  • Eight Percent Rental Increases Every Five Years
  • Four, Five-Year Renewal Options, Bringing the Potential Lease Term to 35 Years
  • Corporate Tenant | Corporate Guarantee
  • Outparcel to a Sam’s Club in a Robust Retail Corridor | Walmart Supercenter, Lowe’s, Aldi, Target, CVS Pharmacy, Walgreens, Chick-fil-A, McDonald’s, Burger King, Wendy’s, and Many More
  • High Visibility | Positioned Just off an Exit of N Wesleyan Blvd where it Merges with Sunset Ave at a Signalized Intersection
  • Less than Two Miles from Golden East Crossing Shopping Mall | 35+ Retail Stores
Documents
Title
Panera_Bread_OM_-_Rocky_Mount__NC.pdf
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Location
Gallery