May 7, 2019 – Brian Ahrens and Robert DiFranco of Horvath & Tremblay have successfully completed the sale of Panera Bread in Mary Ester, Florida. Horvath & Tremblay procured the 1031 exchange buyer to close the transaction at a sale price of $3,000,000, a 5.35% cap rate.
Panera Bread operates under a corporate guaranteed, triple net lease. The tenant, Panera LLC has demonstrated commitment to this location with the early renewal of the lease for an additional 10 years with three, 5-year options. The lease features 11% rental escalations every five years throughout the initial term and at the beginning of each option period. Panera recently re-imaged the building to Panera’s new prototype design. The Panera Bread property is strategically located at the signalized, hard corner intersection of Bryn Athyn Blvd and Mary Esther Blvd with 32,500 vehicles passing by daily. The asset is also positioned as an outparcel to the 734,000 square foot Santa Rosa Mall, anchored by JCPenney and Dillards.
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.