QUEEN CREEK, Ariz., October 5, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Panera Bread, a 3,857-square foot net-leased property located in Queen Creek, Arizona. The asset sold for $5,104,000 ($1,323 PSF).
Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, limited liability company, was secured and represented by David Cutler, Joshua Johnson and Kirk Trammell, investment specialists in Marcus & Millichap’s Palo Alto office.
Panera Bread is located at 20670 E Victoria Lane in Queen Creek, Arizona. The subject property has a brand new 15-year absolute triple-net corporate ground lease with 10 percent rental increases every five years. Built in 2023, this property features Panera’s new NextGen store design that features two drive thru lanes.