The Boulder Group, a net leased investment brokerage firm, has completed the\u00a0sale of a single tenant net leased Panera Bread located at 5500 West Touhy Avenue in Skokie, Illinois for\u00a0$3,972,727. The property, constructed in 2016, was developed by The Missner Group.<\/p>\n
The 4,300 square foot net leased Panera Bread building is well located\u00a0within a major regional trade area of Chicago\u2019s northern suburbs. The\u00a0 net leased Panera Bread has excellent visibility along West Touhy Avenue, the area\u2019s primary east-west thoroughfare, which experiences traffic counts of approximately 41,000 vehicles per day.\u00a0\u00a0The property is also less than one-half mile west of Interstate-94 with direct on and off access to the approximate 169,500 vehicles per day. With convenient interstate access and a large variety of strong retailers, the Panera Bread and the surrounding retailers have the unique advantage of drawing consumers from both the city and suburbs of Chicago. The Panera Bread\u00a0is surrounded\u00a0by\u00a0a number of\u00a0national retailers including Walmart, Target, Costco, Dick\u2019s Sporting Goods, AMC Theaters, Ross Dress For Less, Walgreens, Best Buy, Michael\u2019s, Bed Bath & Beyond, Goodwill and Jewel-Osco.\u00a0There are over 179,000 people living\u00a0within a\u00a0three mile\u00a0radius of the property with average annual household incomes\u00a0in excess of\u00a0$93,900.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a\u00a0Midwest based\u00a0real estate investment company.\u00a0\u00a0The purchaser was a\u00a0Midwest based\u00a0real estate investor.<\/p>\n
The Panera Bread lease has 14 years remaining on the lease which expires in October 2031.\u00a0\u00a0The lease features a corporate guarantee, 10% rental escalations every five years in the primary term\u00a0and in\u00a0the four 5-year renewal option periods. Panera Bread is a national bakery-cafe concept with more than 2,000 stores located throughout the United States and Canada.\u00a0\u00a0It is a publicly traded company on the Nasdaq Stock Exchange using the symbol \u201cPNRA\u201d.<\/p>\n
\u201cCore market\u00a0single tenant\u00a0properties with solid real estate fundamentals continue to be in the greatest\u00a0demand.\u201d said Randy Blankstein, President of The Boulder Group.\u00a0\u00a0Jimmy Goodman, Partner of The Boulder Group, added,\u00a0\u201cProperties with corporately guaranteed leases and rental escalations throughout remain at the forefront of investor demand because they provide investors with an inflationary hedge.\u201d<\/p>\n