EXCLUSIVE LISTING Offering Memorandum - Panera Bread | Mankato, MN - LoopNet
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Panera BreadLISTING
EXCLUSIVE | Mankato, MN
Offering Memorandum
Panera Bread | Mankato, MN
Actual Site
PATRICK NUTT ANDREW FALLON BROKER OF RECORD
MANAGING PARTNER EXECUTIVE MANAGING DIRECTOR CASEY WEISS, CCIM
Access Commercial Real Estate, Inc.
(954) 302-7365 (703) 787-4733 casey@accesscre.com
patrick.nutt@calkain.com afallon@calkain.com MN Lic# 40231286 CCAALLKKAAIIN
N.C
.CO
OMM
1
Panera Bread | Mankato, MN
Offering Memorandum
Rent Schedule
Financial Summary
Term Increases Annual Rent Monthly Rent
Current - 12/31/2017 - $110,975.00 $9,247.92
1901 Madison Ave | Mankato, MN 56001 1/1/2018 – 12/31/2022 - $112,181.28 $9,348.44
Asking Price $2,155,000 | Cap Rate 5.20% 1/1/2023 – 12/31/2027 15% $129,020.52 $10,751.71
1/1/2028 – 12/31/2032
10% $141,903.24 $11,825.27
Net Operating Income (NOI)* $112,181 (Option 4)
Rent/Month $9,348.44 1/1/2033 – 12/31/2037
10% $156,088.80 $13,007.40
(Option 5)
Rent/SF $23.25
Rentable Square Feet 4,825+/- SF Investment Highlights
Land Area 1.11+/- Acres •• Drive-thru and outdoor seating with visibility at hard signalized corner
Tenant Name Panera Bread •• New 10-year lease extension signed July 2017 extending firm term
through 12/31/2027 and adding two additional options period, pushing
Guaranty Franchisee: SLB of Rochester, LLC the cap rate up
Ownership Type Fee Simple •• 15% rent increase on 1/1/2023 and 10% increases with each option
Lease Type NNN •• Part of the Mankato Heights Plaza anchored by Kohl’s, TJ Maxx, Michaels,
Old Navy, Pier 1 Imports and Petco
Tenant Responsibilities Taxes/Insurance/CAM**
•• Located on a hard corner signalized intersection of Madison Ave & State
Landlord Responsibilities Roof & Structure Hwy 22 with combined traffic counts of almost 20,000 VPD
Roof Replaced 2017 w/ 20-Yr Warranty •• Well above average store sales - contact broker
Year Built 2002
Lease Term Remaining 10.5 Years
Lease Expiration December 31, 2027
15% Starting 1/1/2023,
Increases
10% in Two Option Periods
Options Two (2), Five (5) Year
* Sale Based Upon 1/1/2018 Rent
**Shopping Center Owner Will Continue to Perform & Complete CAM Reconciliations
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Panera Bread | Mankato, MN
Offering Memorandum
Tenant Overview
About Panera Bread – SLB of Rochester, LLC Tenant
Panera Bread SLB of Rochester LLC is a regional franchisee operator, who has run Snapshot
the Mankato unit since inception in 2002. Contact listing broker regarding store # of Locations
sales and performance. 2,024+
Credit Rating
About Panera Bread Nasdaq: PNRA
Panera Bread Company is a national bakery-cafe concept
2016 Total Revenue
with 2,024 Company-owned and franchise-operated $2.795B
bakery-cafe locations in 46 states, the District of Columbia,
and Ontario, Canada operating under the Panera Bread®, Saint Louis Bread Co.®
and Paradise Bakery & Café® names, delivering fresh, authentic artisan bread
served in a warm environment by engaging associates. They have grown from
serving approximately 60 customers per day at our first bakery-cafe to currently
serving nearly 8.3 million customers per week system-wide. Panera is currently one
of the largest food service companies in the United States. The company believes
that success is based on their ability to create long-term concept differentiation.
Bakery-cafes are located in urban, suburban, strip mall, and regional mall locations.
They feature high-quality food in a warm, inviting, and comfortable environment,
offerings include soups, salads, pasta, sandwiches, and bakery items. With their
identity rooted in handcrafted artisan bread, they bake fresh bread every day.
Panera is committed to providing great tasting, quality food that people can trust.
Franchisee Qualification Criteria
•• Experience as a multi-unit restaurant operator
•• Recognition as a top restaurant operator
•• Net worth of $7.5 million
•• Liquid assets of $3 million
•• Infrastructure and resources to meet our development schedule
•• Real estate experience in the market to be developed
•• Total commitment to the development of the Panera Bread brand
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Panera Bread | Mankato, MN
Offering Memorandum
1901 Madison Ave | Mankato, MN 56001
Subject Site
52 VPD
15,2
w y 22
Sta te H
M
ad
iso
n
Av
e4
,2
12
VP
D
4
Panera Bread | Mankato, MN
Offering Memorandum
1901 Madison Ave | Mankato, MN 56001
Sta
te H
wy
22
15,
252 PD
VPD Subject Site V
,2 12
4
Ave
n
iso
ad
M
Mankato Heights Plaza
5
Panera Bread | Mankato, MN
Offering Memorandum
Mankato Heights Plaza Site Plan
Subject Site
Madison Ave 4,212 VPD
Bassett Dr
Drive-Thru
Lane
State Hwy 22 15,252 VPD
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Panera Bread | Mankato, MN
Offering Memorandum
Surrounding Retail
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Panera Bread | Mankato, MN
Offering Memorandum
Demographics
Radius 3 Miles 5 Miles 10 Miles
Population
2017 Population 32,932 59,492 74,888
2022 Population 34,574 62,095 78,103
2010-2017 Annual Rate 1.12% 0.78% 0.79%
2017-2022 Annual Rate 0.98% 0.86% 0.84%
2017 Male Population 50.3% 50.2% 50.4%
2017 Female Population 49.7% 49.8% 49.6%
2017 Median Age 28.7 29.8 32.1
Households
2017 Total Households 13,639 23,282 29,066
2022 Total Households 14,348 24,378 30,411
2010-2017 Annual Rate 1.18% 0.97% 0.95%
2017-2022 Annual Rate 1.02% 0.92% 0.91%
2017 Average Household Size 2.31 2.38 2.43
Median Household Income
2017 Median Household Income $44,467 $50,507 $54,180
2022 Median Household Income $48,220 $53,956 $58,834
2017-2022 Annual Rate 1.63% 1.33% 1.66%
Average Household Income
2017 Average Household Income $62,876 $68,318 $72,702
2022 Average Household Income $72,224 $78,141 $83,075
2017-2022 Annual Rate 2.81% 2.72% 2.70%
Per Capita Income
2017 Per Capita Income $26,224 $27,575 $29,120
2022 Per Capita Income $30,047 $31,483 $33,244
2017-2022 Annual Rate 2.76% 2.69% 2.68%
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Panera Bread | Mankato, MN
Offering Memorandum
Market Overview
Mankato, MN
Mankato is the fifth largest
city in Minnesota outside of
the Minneapolis–Saint Paul
metropolitan area.
Mankato is a city in Blue Earth,
Nicollet, and Le Sueur counties
in the State of Minnesota.
Mankato, Minnesota is truly
a wonderland. Tucked into
the Emerald Green Valley in
Southern Minnesota, it is the
hidden vacation mecca in the upper Midwest. Mankato has everything thanks
to a freak of nature: the Sclare/Far Fissure. This fissure in the earth’s crust takes
water seeping through the earth, heats it to well over 165 degrees, and sends it
back up to the surface in steam pits and boil holes. The heat from these pits and
holes heats the valley air to such an extent that the winter temperature in many
Mankato neighborhoods has never dropped below 70 degrees!
Minnesota State University Click here to download a printable version
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Panera Bread | Mankato, MN
Offering Memorandum
About Calkain
Who Are We?
Calkain Companies LLC is a national commercial real estate firm that provides With the growth in staff, seasoned professionals have been attracted to Calkain’s
consulting and brokerage services to both private and institutional clientele model of innovation, entrepreneurship and the fostering of long-lasting and
with an expertise on triple net lease investments. We pride ourselves on being meaningful relationships. Industry experts have joined Calkain in the hopes of
a world class leader by providing our clients a full array of commercial real estate implementing the skills they have honed in complementary aspects of real estate
investment brokerage and asset management solutions, including advisory, investment.
research, estate planning and wealth management. Through a tremendous endeavor, tireless hours have been committed to
We have built solid relationships throughout our decades of experience and continually prove that Calkain is America’s Net Lease Company®. Its countless
innovation, implementing long-term allocation within the context of each client’s accolades received from the world’s leading business publications, including
particular risk tolerance and identifying how best to acquire and dispose of income Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a
producing properties for each entities’ specific set of investment criterion. At true leader in triple net lease investing services.
Calkain, our foresight and past performance are leading the net lease investment
industry.
Client Testimonial
Our History
Like most success stories, Calkain was formulated from humble beginnings.
“USRA has worked with Calkain on numerous occasions. They have always been
meticulous in their work ethic, providing superior service and extremely prompt
Jonathan W. Hipp, President and CEO, took the initiative to build upon his
attention to our needs. I highly recommend them.
decades of experience and performance and left a large international brokerage
firm to become an independent and innovative leader within the triple net lease - Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)
investment community. Armed with a sole employee and a single office, the firm
has grown exponentially since its infancy in 2005.
$11.5 Billion $350 Million
in Closed Transactions in Active Listings
PATRICK NUTT ANDREW FALLON
MANAGING PARTNER EXECUTIVE MANAGING DIRECTOR
(954) 302-7365 (703) 787-4733
patrick.nutt@calkain.com afallon@calkain.com CCAALLKKAAIIN
N.C
.CO
OMM
10Contact Us Corporate Headquarters Washington, DC 12930 Worldgate Drive | Suite 150 Herndon, VA 20170 T: (703) 787-4714 • F: (703) 787-4783 Tampa 400 N. Tampa Street | Suite 2660 Tampa, FL 33602 T: (813) 282-6000 • F: (813) 282-6098 South Florida 200 SW 1st Avenue | Suite 880 Fort Lauderdale, FL 33301 T: (954) 302-7365 Atlanta 111 Village Parkway, Building 2 | Suite 202 Marietta, GA 30067 T: (404) 900-5629 Boston 101 Federal Street | Suite 1900 Boston, MA 02110 T: (617) 261-8584 CALKAIN.COM DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regula- tions, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
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