Jacksonville (St Augustine), FL - Panera Bread

Description:

• Panera Bread has 12+ years remaining on their current lease with 3 (5-year) options to extend, demonstrating their long-term 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, growing NOI and hedging against inflation
• The lease is signed by Panera, LLC, a subsidiary of the corporate entity
• Panera Bread, which was acquired by JAC Holding Company in 2017, is a leading quick-casual restaurant brand with 2,218 locations

• The subject is near several single-family communities and multi-family complexes, providing a direct residential consumer base for the site
• More than 42,800 residents and 7,900 employees support the trade area
• Residents within 1 mile of the subject boast an affluent average household income of $121,064
• Panera Bread is an outparcel to Parkway Village of St. Johns, a Publix-anchored shopping center, and located across from the Shoppes at Murabella, also anchored by Publix
• The neighboring retail developments will promote tenant synergy and crossover store exposure to the subject site
• Tocoi Creek High School (1,306-students) is located directly across the street, providing a steady consumer base from which to draw
• Off I-95 (113,000 VPD), allowing users to benefit from direct on/off ramp access to the site and surrounding Jacksonville trade areas