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5/09/18
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A newly-constructed, 4.3k sf Panera Bread bakery-café and drive thru in Fresno has sold for $4.14 mil, or $963/sf. The deal came in at 4.0% cap rate, which we’re told is a record for Panera properties traded in the U.S.
The Panera Bread, located at 6793 N Weber Ave, has a 15-year, NNN lease term. The property is in an excellent centralized location as an outparcel to the Marketplace at El Paseo, a 650k sf retail power center anchored by Target, Burlington Coat Factory, Marshalls, Ross Dress for Less, Old Navy, and Ultra Beauty. It features easy access and daily traffic counts in excess of 21,244 vehicles per day.
John Cigliano with Sands Investment Group represented the seller, a regional merchant developer. The American chain of bakery café fast casual restaurants in the U.S. and Canada demands aggressive cap rates throughout the net lease space, as evidenced by this transaction.
“On this property, we were fortunate to generate multiple offers by targeting owners of similar assets in the area. We were able to find a local 1031 buyer who was already familiar with the asset, which in turn, ensured us of their ability to perform. We achieved both the seller’s and buyer’s objectives on this transaction and closed at full asking price,” said Cigliano.
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