Panera Bread

408 New York 3, Plattsburgh, NY

$3,895,405

Price

4.75%

Cap Rate

$185,032

NOI

Overview
Cap Rate
4.75%
NOI
$185,032
Building Size
5,460 sqft
Lot Area
1.41 acres
Lease Type
Triple Net
Year Built
2019
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 408 Route 3 in Plattsburgh, New York. 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 $185,032 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.

John Krueger
Marcus &Millichap REIS of New Y
License: 10311205789

Highlights
  • Brand New Construction; Opening November 2019!
  • Long-Term, 15-Year Absolute Triple Net (NNN) Lease
  • Lease Commencement Upon Close of Escrow
  • Eight Percent (8.0%) Rental Increases Every Five (5) Years
  • Four (4), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 35 Years
  • Corporate Tenant | Corporate Guarantee
  • Located in the Heart of Plattsburgh’s Main Retail Corridor | Walmart Supercenter, Lowe’s, Sam’s Club, Walgreens, Target,, Aldi, Price Chopper-Market 32, McDonald’s, Chick-fil-A, Burger King, and Many More
  • Strong Traffic Counts | NY-3 and Interstate-87 | Approximately 29,500 and 30,200 Vehicles Per Day, Respectively
  • Plattsburgh International Airport | Less than Six Miles from Subject
Documents
Title
Panera_Bread_OM_-_Plattsburgh__NY.pdf
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Location
Gallery