Panera Bread | Indianapolis MSA

900 East McGalliard Road, Muncie, IN

$3,183,952

Price

4.9%

Cap Rate

$156,014

NOI

Overview
Cap Rate
4.9%
NOI
$156,014
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 900 E. Highway 80 in Muncie, IN. 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 $151,238 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.

Broker of Record
Josh Caruana
License: RB14034355

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
  • Dense Retail Corridor | Target, Dick’s Sporting Goods, Walgreens, CVS Pharmacy, Aldi, McDonald’s, Wendy’s, Burger King, as well as Many Others
  • Strong Traffic Counts | Over 31,560 Vehicles Per Day Along E. McGalliard Road
Documents

Location
Gallery