JLL is pleased to present for sale a brand-new construction Panera Bread located only twelve miles southwest of the Chicago CBD, in Bridgeview, Illinois. The property benefits from over 41,000 vehicles per day along Harlem Avenue, as well as close proximity to Midway International Airport (3.5-miles NE) and 1.3 million square feet of retail inventory in the surrounding 1-mile radius. Panera Bread is relocating to this site from a multi-tenant retail center located 1,000 feet to the north, which they have occupied for the past 12+ years, showing serious dedication to the city of Bridgeview and Harlem Avenue. Upon expected construction completion in the first quarter and projected rent commencement on February 1, 2021, Panera, LLC (corporate) has agreed to a 15-year NNN lease term, featuring contractual 10% escalations every five-years, including at the start of each of the 3 x 5-year option periods. The new restaurant embodies Panera’s latest design prototype and includes features such as top of the line interiors, a spacious patio, and a single-lane drive-through, a mission-critical aspect of the company’s future growth strategy and the primary reason behind relocation.
Investors have the exceptional opportunity to purchase a brand-new retail asset in a connected commercial corridor, with a top national tenant who has exhibited serious commitment to this microcosm, at a competitive price amidst the current market environment. JLL is pricing this opportunity at a 5% cap rate, equivalent to $3.68 million ($840 per square foot), and encourages interested buyers to submit their bids in a timely fashion.
- 15-year NNN firm lease term with 10% bumps every 5-years, including in 3 x 5-year option periods
- Situated in dense commercial corridor with 350,000 people in 5-mile radius
- Corporate relocation from multi-tenant building one block north (Harlem Ave - 41,000+ VPD) where Panera has operated for the past 12+ years
- Brand-new construction and prototype design with single-lane drive-thru, a critical component of Panera's long-term growth strategy
- No. 1 Fast Casual Chain in the USA by 2019 total revenue (~$5.9 billion)