panera bread - loopnet
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PANERA BREAD5290 TX-121 | THE COLONY, TX 75056
EXCLUSIVEMARKETINGADVISORS
JARED AUBREYSenior Vice President+1 214 252 [email protected]
MICHAEL AUSTRYFirst Vice President+1 214 252 [email protected]
BRAD BENJAMINSenior Associate+1 214 252 [email protected]
OFFERING SUMMARY
PRICE: $3,365,000CAP RATE: 4.50%
5290 TX-121THE COLONY, TX
NET OPERATING INCOME $151,525
YEAR BUILT 2015
GROSS LEASABLE AREA 4,491 SF
LOT SIZE 1.12 ACRES
LEASE TERM 15 YEARS
LEASE COMMENCEMENT NOVEMBER 2014
LEASE EXPIRATION NOVEMBER 2029
REMAINING TERM 8+ YEARS
LEASE TYPE GROUND LEASE
ROOF & STRUCTURE TENANT
INCREASES 10% EVERY 5 YEARS
OPTIONS 3 X 5 YEARS
OPTIONS TO PURCHASE NO
GUARANTOR CORPORATE
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INVESTMENT HIGHLIGHTSRare, Corporate, Absolute NNN Ground Lease with Zero Landlord Responsibilities – Allows an investor the opportunity for a truly passive income structure with rental increases throughout the primary term and options
Irreplaceable Location – Panera Bread is located directly adjacent to Nebraska Furniture Mart. The Nebraska Furniture Mart store, just under 1.9 million square feet, along with a 331,000 square foot Scheel’s sporting goods store are two of the first-in-Texas super regional destination retailers along with Galaxy Theatres and Andretti Indoor Karting & Games.
Dominant Regional Retail Corridor – Grandscape will be one of the largest and most unique mixed-use real estate developments in the country upon completion. The project is being developed by Nebraska Furniture Mart, a Berkshire Hathaway company, the project will stretch across more than 400 acres, and feature more than 3.9 million square feet of retail, entertainment, residential, dining and attractions.
High Quality Construction with Drive-Thru and Patio Space – The chain offers curbside pickup, delivery and catering, and has worked to streamline those services, adding things like geofencing technology that alerts staff when a customer has arrived
Panera Bread is a Leader and Pioneer in Advanced Technology – Consistent Driver of Ongoing Sales Growth and Improved Delivery-Catering Initiatives.
Excellent Access & Visibility – Located off Sam Rayburn Tollway/Texas 121 in-between Plano Parkway and W Spring Creek Parkway in the City by the Lake, The Colony, Texas. Over 9,360 vehicles travel on Plano Parkway and over 121,000 vehicles travel on TX-121 (Sam Rayburn Tollway) per day.
Densely Developed Residential Market with Ideal Consumer Demographics – There are over 512,000 people in the 7-mile demographic ring with over 202,000 households with an average household income exceeding $129,000
Premier Corporate Tenant – Panera Bread is one of the fastest-growing and most successful fast-casual restaurant chains in the U.S. and Canada. With over 2,300 stores, Panera Bread does $6B in revenue a year.
Panera was the best-performing restaurant stock when measured over the last 20 years; delivering a total shareholding return 44 times better than the S&P 500 from 1997 to 2017
Texas has NO State Income Tax
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5290 TX-121 | THE COLONY, TX
PROPERTY LOCATION
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RETAIL AERIAL
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RETAIL AERIAL
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OBLIQUE AERIAL
This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct acareful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.
1.9 MILLION SQUARE FEET331,000 SQUARE FEET
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SITE PLAN
This illustration is for reference purposes only. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.8
This map was created by CBRE’s mobile technology platform called Mass Mobile Data (MMD). MMD is anonymous data gathered from the GPS trackers in one’s devices. By analyzing the sophisticated mobile data, CBRE is able to paint a picture of any property’s customer base.
Panera Bread attracts visitors from all over Texas which increases the true market potential for retailers exponentially. The property is not only appealing to the local customer base in The Colony, but also the large amount of people all throughout the state. To illustrate this, the map uses data sourced from a wide range of mobile apps that shows where visitors of Panera Bread are coming from. Therefore, each dot creates an accurate picture of customers that have visited the property in the past 12 months.
Customer Location
WHERE ARE PANERA BREAD’S VISITORS COMING FROM?
MASS MOBILE DATA STUDY ON PANERA BREAD | THE COLONY, TX
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NEBRASKA FURNITURE MART
Stretching across 100 acres, this massive new Texas-sized home furnishings store is located off Sam Rayburn Tollway/Texas 121 in-between Plano Parkway and W Spring Creek Parkway in the City by the Lake, The Colony, Texas.
Featuring the largest selection of furniture, accessories, appliances, televisions, computers, carpet, area rugs, hard surface flooring and much more, every inch of the 560,000 square foot retail showroom of NFM Texas is designed to help its customers find the home furnishings they need to improve their lifestyle.
By offering big selection, big savings and big ideas, NFM inspires its customers to create the home of their dreams without breaking the bank.
NFM Customers 2018
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GRANDSCAPEGrandscape is a brand new, one-of-a kind outdoor entertainment dining and shopping destination - an oasis in the middle of North Texas It includes NFM, Scheels, Andretti Indoor Karting and Games, as well as chef-driven, worldclass restaurants, lush landscaping, family friendly experiences and technology driven entertainment and events.
Grandscape has over 3 million SF of retail and is expected to draw over 20 million visitors annually. In 2020, mid-pandemic, Grandscape had approximately 6,968,600 visitors.
Grandscape includes more than just one-of-a-kind destinations:
• Entertainment• Hotel and spa• Luxury High-Rise Apartments • First-in-Market Dining and Retail• An Outdoor Lawn & Stage• The Homestead - Local artisans and
family-owned shops• Planned 500,000 SF, 17-story office
space buildings with structured parking and class AA amenitites
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POPULATION (2020)1 MILE 10,5573 MILES 90,1485 MILES 251,0607 MILES 512,502
HOUSEHOLDS (2020)1 MILE 4,1403 MILES 34,4755 MILES 99,7277 MILES 202,318
AVG HH INCOME (2020)1 MILE $138,1363 MILES $139,3095 MILES $133,2167 MILES $129,366
ANNUAL POP. GROWTH RATE (1 MILE)2010 - 2020 7.81%2020 - 2025 3.39%
TRAFFIC COUNTS (VPD)PLANO PARKWAY 9,364TX-121 121,000
DEMOGRAPHICS
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PANERA BREAD IN THE NEWS
PANERA BREAD IS TESTING OUT GHOST KITCHENS, MOBILE KITCHENS, AND UNVEILING VIRTUAL CATERING
CEO Niren Chaudhary on what the next generation of Panera will look like.
READ THE FULL ARTICLE
PANERA BREAD ROLLS OUT DELIVERY-FRIENDLY FLATBREAD PIZZAS SYSTEMWIDE
Panera adds cheese, margherita, and chipotle chicken & bacon flatbread pizzas to the menu after a successful menu test in 2019.
READ THE FULL ARTICLE
STARBUCKS, PANERA LEAD THE WAY IN DIGITAL, REPORT FINDS
The brands topped a new ranking of limited-service chains’ digital maturity.
READ THE FULL ARTICLE
HOW PANERA BREAD CEO NIREN CHAUDHARY ESTABLISHES BRAND LEADERSHIP
Meet the innovative, inclusive and industry changing leaders of the 2021 NRN Power List
READ THE FULL ARTICLE
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PANERA BREAD
Panera Bread is a chain store of bakery-café fast casual restaurants with locations in the United States and Canada. Panera Bread offers a wide array of pastries and baked goods, such as croissants, bagels, cookies, scones, muffins and brownies. Panera also has sandwiches, panini, pastas, soups, flatbreads, salads, side choices, Panera kids, fruit smoothies, frozen drinks, iced drinks, coffee, tea, and lemonade, espresso drinks, lattes, and hot chocolate.
TYPE: Restaurant
YEARS IN BUSINESS: 41+
NO. OF LOCATIONS: 2,300+
HEADQUARTERS: Sunset Hills, MO
WEBSITE: www.panerabread.com
TENANT OVERVIEW
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The Dallas-Fort Worth region is an innovation hub with a wealth of resources that make it an ideal business location. The DFW region’s attractive quality of life, strong regional and state economy, low cost of living, skilled labor force, pro-business mindset, and absence of corporate and personal income taxes all contribute to the thriving Dallas-Fort Worth location.
SOURCE: TEXAS WORKFORCE COMMISSION, BUREAU OF LABOR STATISTICS (JANUARY 2021), TEXAS A&M REAL ESTATE CENTER (DECEMBER 2020), GREATER HOUSTON PARTNERSHIP LIVING COST COMPARISON (Q3 2020), CBRE RESEARCH (JULY 2019), DALLAS REGIONAL CHAMBER (2020), 2020 SCORING TECH TALENT, CBRE RESEARCH, DALLAS REGIONAL CHAMBER (2020), NATIONAL RESEARCH UNIVERSITY FUND, COST OF LIVING INDEX, ESRI FAST REPORTS (2020)
WHY DALLAS-FORT WORTH?
DFW HAS THE MOST DIVERSE ECONOMY IN TEXAS
ONE OF THREE HIGH-TECH JOBS IN TEXAS ARE LOCATED IN DFW
DFW COST OF LIVING IS 21.2% BELOW THE LARGE U.S. METRO AVERAGE
DFW’S JOB MARKET HAS BEEN ONE OF THE MOST RESILIENT AMONG MAJOR U.S. METROS DURING THE COVID-19 PANDEMIC WITH A LOCAL JOB LOSS RATE OF 2.5%, OUTPERFORMING THE NATIONAL JOB LOSS RATE OF 6.5% (% CHANGE NOV ’19 – NOV ’20)
90 MEMBER HOSPITALS IN THE DFW HOSPITAL COUNCIL, 20,000+ HOSPITAL BEDS
14 MAJOR UNIVERSITIES, 400,000+ STUDENTS ENROLLED
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DISCLAIMERSCBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and develop-ment. At times different Affiliates may represent various clients with competing in-terests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memo-randum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the cli-ent(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other infor-mation provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Addi-tional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form.
These summaries do not purport to be complete nor necessarily accurate descrip-tions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affili-ates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investiga-tions and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate dis-cussions with any entity at any time with or without notice which may arise as a re-sult of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any condi-tions to the Owner’s obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
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PANERA BREAD5290 TX-121 | THE COLONY, TX 75056
EXCLUSIVEMARKETINGADVISORS
JARED AUBREYSenior Vice President+1 214 252 [email protected]
MICHAEL AUSTRYFirst Vice President+1 214 252 [email protected]
BRAD BENJAMINSenior Associate+1 214 252 [email protected]