Montclair, CA - Panera Bread

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN drive-thru equipped, corporate signed, freestanding, Panera Bread investment property located in Montclair, California. The tenant, Panera, LLC recently signed a brand new 15 year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Today, Panera has over 2,100 locations and serves as America’s kitchen table centered around their delicious menu of chef-curated recipes that are crafted with care by their team members.

The Panera Bread is located near the signalized, hard corner intersection of Central Ave and Moreno St, combining to average over 62,600 vehicles passing by daily. The asset is an outparcel to a 199,000+ square foot Target anchored center that also features Gold’s Gym and more. The Target has over 2 million visits annually and is ranked in the top 15% of the nation for the brand (per placer.ai). The asset is located directly across from Montclair Place, a 1,200,000 square foot indoor shopping mall, averaging over 6 million visits per year. Montclair Place recently underwent a $75M renovation by the ownership group (CIM Group), demonstrating their commitment to the trade area. In addition, the property is in the center of a primary retail corridor with other nearby national/credit tenants including Costco, Hobby Lobby, Home Depot, Aldi, Best Buy, McDonald’s, Chick-fil-A, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Further, the site is within walking distance to the Village at Montclair, a 350 unit residential development that is currently under construction. In fact, the asset is surrounded by recent multi-family developments (800+ units), providing a direct residential consumer base from which to draw and confirming the trade areas future growth. The 5-mile trade area is supported by a population of over 452,100 with an average household income of $113,944.