May 15, 2017 – Bob Horvath and Aaron Huntley of Horvath & Tremblay have successfully completed the sale of the ground lease to Panera Bread in Dover, New Hampshire. Horvath & Tremblay procured buyer to close the property at a sale price of $1,701,654, a 5.7% cap rate. The broker of record for the sale was Ethan Cole.
Panera Bread is a pad site to a Shaw’s anchored retail center with additional tenants in the center including: Rite Aid, Bed Bath & Beyond, Ace Hardware, and Petco. The Property is located on Central Avenue, a main retail corridor in Dover, and just off of Spaulding Turnpike – the primary north-south highway in eastern New Hampshire that connects with I-95 in Portsmouth, NH. National retailers in the area include: Chili’s Grill & Bar, Ninety Nine Restaurant & Pub, Staples, Applebee’s, Sleepy’s, Verizon Wireless, Hampton Inn, Wendy’s, McDonald’s, Pizza Hut, Dunkin’ Donuts, Friendly’s TD Bank, Walgreens, Shaw’s, Petco, Hannaford Supermarket, Papa Gino’s, AutoZone, Market Basket, and Citizens Bank. There are 11+ years of base term remaining on the original 20-year ground lease, with (2) ten year options. The Panera Bread ground lease is guaranteed by PR Restaurants, LLC, a New England Based franchise with 60+ Panera Bread locations in Massachusetts, New Hampshire, and Maine.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.