Net Lease Panda Express Profile and Cap Rates Date August 29, 2020
NET LEASE PANDA EXPRESS PROPERTY PROFILE AND CAP Rate
| Price Range: | $1.8 - $2.6 mm |
|---|---|
| Cap Rate: | 4.50-5.00% |
| Net Income: | $60,000 - $100,000 |
| Price Per foot: | $700 PSF |
| Building Size: | 2,000 - 3,500 SF |
| Lot Size: | 0.5 - 1 Acre |
| Escalations: | Various |
| Lease Term: | 20 Years |
| Lease Type: | Ground Lease |
| Credit Rating: | Private |
Panda Express Company Profile
Panda Restaurant Group, Inc., parent company of Panda Inn, Panda Express and Hibachi-San, was founded by Andrew and Peggy Tsiang Cherng [4] and Andrew’s father, Master Chef Ming-Tsai Cherng, the family originating in the Yangzhou region of China’s Jiangsu province. They started their first Panda Inn restaurant in 1973 in Pasadena, California. Ten years later a developer of the Glandale Galleria, who was a patron of Panda Inn, asked Andrew to start a fast-service version of his restaurant in the new mall. In 1985 the store went from five locations to nine in just one year.[5]
The group has its headquarters in Rosemead, California.[6] Panda Express in the largest Asian-American restaurant chain in the United States,[5] with 2,200 branches. In 2019 Panda Express opened its first branch in Manila, Philippines, as a joint venture between the Panda Restaurant Group and Jollibee Foods Corp., JBPX Foods.[7][8]
Andrew Cherng, age 70, and his wife Peggy Tsiang Cherng met at Baker University in Baldwin City, Kansas.[9] Peggy Cherng went on to receive her B.S. degree in Mathematics from Oregon State University in 1971 and a Ph.D. in Electrical Engineering from the University of Missouri.[6]The company debuted on Forbes’ 2016 edition of America’s Largest Private Companies[10]
The Cherngs invest their personal wealth out of their family office, the Cherng Family Trust
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