Amarillo, TX - Panera Bread

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, drive-thru equipped Panera Bread investment property located in Amarillo, TX. The tenant recently signed a brand new 20-year, corporate-backed lease in December 2020 with 4 (5-year) option periods to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Founded in 1987, Panera Bread is among the largest fast casual restaurants with over 2,100 locations across the United States.

Panera Bread is strategically located along Soncy Road with clear visibility and access to an average of 32,300 vehicles passing by daily. Soncy Road / S. Loop 335 W is a major beltway connecting the Amarillo MSA. The asset benefits from direct access onto Interstate 40 (61,600 VPD) and Interstate 27 (65,500 VPD), making this an ideal and centralized location with easy commutes for both employees and customers. Panera is ideally situated within a dense retail corridor and is within proximity to Westgate Plaza (489K+ SF), Summit Shopping Center (152K+ SF), Westgate Mall (1.05M+ SF), and other major shopping centers. The surrounding national/credit tenants consist of The Home Depot, Sam’s Club, Walmart Supercenter, Kohl’s, Target, and AutoZone, among many others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the property is within proximity to numerous single-family communities and multi-family complexes including Coulter Landing (144 units), Chasewood (224 units), WindTree (276 units), and others, providing a direct residential consumer base for the site. The 5-mile trade area is supported by over 118,900 residents and 57,800 daytime employees. Residents within one mile of the subject boast an affluent average household income of $133,469.