• An Award Winning Net Lease & Retail Commercial Real Estate Group

Description

Marcus & Millichap is pleased to present for sale this 4,500 sf freestanding Panera Bread corporate Ground Lease located on a 0.68 Acres pad as an out-parcel to the Santa Rosa Mall in Mary Esther, FL (Fort Walton Beach/ Crestview MSA). The subject property sits at a signalized intersection on Mary Esther Boulevard in a high traffic corridor (32,000 Plus Cars per day) that connects the city to Route 98, which is the main road from Pensacola to Panama City Beach. Santa Rosa Mall, a 734,000 sf mall is currently anchored by JCPenney, Sears, Planet Fitness, Regal Cinemas, and Dillards. Currently, there are potential plans to develop the former Belk space into a multi-family apartment complex, and there is a Hampton Inn being developed onsite as well. Other national retailers within a one to two-mile radius include: Walmart Supercenter, Sams Club, Lowes, Home Depot, Publix, T.J.Maxx, Target, LongHorn Steakhouse, Chilis, TGI Fridays, a new Holiday Inn, and multiple traffic drivers in the market area including Liza Jackson Prep School which has over 800 student enrollment, Northwest Florida State College, Choctawhatchee High School (1,634 Student Enrollment) and Fort Walton Beach Medical Center. Mary Esther is located in Okaloosa County, whose largest employers are Eglin Air Force Base and Hurlburt Field (special ops for Air Force). The two bases have a combined economic impact of approximately $6.6 billion annually on the Fort Walton Beach area. Eglin Air Force Base and Hurlburt Field employ more than 23,000 civilians and military personnel. In addition the annual household income is $64,000 annually within five mile radius. Panera Bread (NASDAQ: PNRA), recently extended their NNN ground lease early, adding an additional 10-years which now expires in 2028 and contains 11% rental increases every five years, including during the three (3) remaining five (5) year options to extend. Founded in 1981, Panera Bread currently operates over 2,000 locations worldwide and reported revenues of $2.68 billion dollars last year, up approximately 6 percent from 2014.

■ 10.5-YEAR CORPORATE ABSOLUTE-NET GROUND LEASE – NO LANDLORD RESPONSIBILITIES
■ PANERA BREAD CURRENTLY OPERATES OVER 2,000 LOCATIONS WITH REVENUES OVER $2.6 BILLION
■ SIGNALIZED INTERSECTION AS AN OUTPARCEL TO SANTA ROSA MALL – 734,000 SF ANCHORED MALL
■ SANTA ROSA MALL CURRENTLY HAS PLANS TO ADD A MULTI-FAMILY COMPONENT TO FORMER BELK – NEW HAMPTON INN CURRENTLY BEING DEVELOPED AS WELL
■ THE 4,500 SF BUILDING BENEFITS FROM DRIVE-THRU AND OVER 32,000 CARS PER DAY TRAFFIC
■ TWO LARGE AIR FORCE BASES NEARBY – LARGEST EMPLOYER IN AREA WITH ECONOMIC IMPACT OF $6B ANNUALLY

Property Documents

  • panera-bread-mary-ether-florida-om-package-ib
  • City: Mary Esther
  • State/county: Florida
  • Country: United States

Detail

  • Price: $3,211,200

Additional details

  • CAP Rate: 5.00%
  • NOI: 160,560

Features