Panera Ground Lease, South Bend, Indiana

1315 E. Ireland Rd no-imageVIEW MAP

Property Information

Price: $3,988,889

Cap Rate: 4.50%
NOI: $179,500
Lease Term: 15 Years
Lease Type: Absolute NNN Ground Lease
Building Size: Approximately 4,498 Square Feet
Year Built: 2020
Status: Available
Lead Broker Information:

Randy Bell


Property Description

Investment Highlights

  • New 15 Year Absolute NNN Ground Lease with 13+ Years Remaining – Stable Cash Flow Asset – Zero Landlord Responsibilities – Three (5-Year) Options to Renew
  • Rent Increases Every 5 Years Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against Inflation
  • Corporately Guaranteed Lease by Panera, LLC – Panera Bread is a Best in Class, Leading Fast-Casual Tenant Founded in 1987 That Operates More Than 2,200 Locations in 47 States and The District of Columbia
  • New Construction, Pride of Ownership Asset Featuring Panera Bread’s Latest Prototype Design – a Modern and Aesthetically Pleasing Property
  • Relocation Store – 16 Year Successful Operating History Across the Street on an Endcap without a Drive-Thru – Repositioned to the “AM” Side of the Street to a Freestanding, Drive-Thru Location That Provides Better Convenience & Accessibility for Their Consumers
  • Intrinsic Value – Large Format Restaurant at 4,498 Square Feet on a Sizeable 0.94 Acre Parcel with 56 Parking Spaces, Providing Panera Bread with the Ability to Effectively Handle High Restaurant Volume
  • Densely Populated, Infill Location with Excellent Demographics – Over 135,000 People in a 5-Mile Radius with Average Household Income Exceeding $64,300 in a 3-Mile Radius of the Property
  • High Traffic Location – More Than 18,000 Vehicles Per Day on E. Ireland Rd, Over 14,900 Vehicles Per Day on Main St & an Additional 37,496 on Nearby US-20
  • Strategically Positioned as a Pad to Broadmoor Plaza, a Kroger Grocery Anchored Center That Brings Daily-Needs Consumers to the Trade Area – More Than 1.08 Million Visits to the Center During the Last Calendar Year
  • Located Directly Across from the 500,000+ Square Foot, Target Anchored Erskine Village Shopping Center That Has Seen More Than 3.57 Million Visits Over the Prior Calendar Year
  • Over 23.7 Million Square Feet of Industrial & Office Space and 11.6 Million Square Feet of Restaurant & Retail within a 5-Mile Radius of the Property, Resulting in a High Daytime Population of More Than 61,700 Employees
  • Approximately 5 Miles from the 409 Bed Memorial Hospital with Over $1.68 Billion in Total Patient Revenue in 2020 and a Staff of More Than 3,200 Healthcare Professionals, Generating an Estimated Economic Impact of Over $187 Million to St. Joseph County
  • Located 3.2 Miles from Ivy Tech Community College-South Bend with 8,149 Students Enrolled & Over 3,000 Faculty Members and Employees
  • Approximately 6.6 Miles from The University of Notre Dame with Over 8,150 Students Enrolled & 1,386 Faculty Members
  • Within a 5-Mile Radius of 27 Primary, Higher Education & Private Grade Schools That Have More Than 32,500 Combined Students
  • Tremendous Multi-Family Density with Over 11,750 Apartment Units in a 5-Mile Radius of the Property