Panera Bread | Absolute NNN

Description:

The subject property is a 5,019+/- square foot restaurant facility with drive-through located on 4.55 acres (two parcels of 2.77 and 1.78 acres) on one of Cincinnati's busiest roadways, Wooster Pike (U.S. Route 50), with 21,400+ vehicles per day. Located in the affluent Village of Mariemont, this Panera is 1/2 mile from Little Miami State Park (one million visitors annually) and the Avoca Trail-head, leading to a 65 acre park. Nearby Clear Creek Park offers 23 athletic fields drawing thousands of visitors annually. Wooster Pike provides direct access to downtown Cincinnati.

As a suburb within Cincinnati, Mariemont is a planned community with a rich and unique history that is the hallmark of the village. The first thing visitors notice when arriving in Mariemont are its tree-lined streets, Tudor-style buildings, and historic charm. Mariemont is the ninth-best place in the U.S. to raise a family, according to U.S. World News reports. Neil Armstrong, the first person to step on the moon, spent his entire life living, teaching and working in and around Cincinnati, calling Mariemont his last residence just up the hill in the exclusive Pine Hill residential area from this Panera Bread location.

This Panera Bread is under a 15 year, absolute NNN lease that commenced in 2019 after it was built brand new. The operating NNN lease runs to February 2034 and beyond with Panera's three five year options to extend the lease. The landlord will benefit with a hedge against inflation by 10% rental increases every five years. The next rent increase is in February 2029.

The tenant, CAD Capital, LLC, is owned by Covelli Enterprises, founded in 1960, and has become the largest Panera Bread franchisee with over 315 locations.

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