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11/23/16
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A private investor paid $4.1 mil for a 4.6k sf ($891/sf), Panera Bread bakery-café and drive thru in Murrieta. The newly constructed property is leased by Panera Bread for 15 years on a NNN basis.
The bakery café, located at 24711 Madison Ave, is an out parcel to a shopping center in a major commercial retail thoroughfare. The site benefits from more than 14,000 vehicles per day along Madison Ave and more than 250,000 vehicles per day along the 1-15 Freeway.
John Cigliano with Sands Investment Group represented he buyer and the seller, a regional merchant developer, in the deal, which closed at a 4.61 % cap rate. Panera Bread, an American chain of bakery café fast casual restaurants in the US and Canada, demands aggressive cap rates throughout the net lease space, as evidenced by this transaction which set a new record for retail properties traded in Murrieta.
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