Panera Bread Drive Thru & Mattress Firm

Details

$3,890,000  –  7.00% CAP Rate

• Investment Information
  • Two-Tenant Drive-Thru Investment; Pad to Hobby Lobby and Kohl’s:
    • Corporate Panera Bread (w/ Drive-Thru):
      • Over 9 years remaining on a new 10-year NNN lease extension
      • 2.50% rental increase in January 2029 and 7% rental increases at the beginning of each 5-year option period
      • Corporate NNN lease (Panera, LLC); over 2,180 stores in 48 states and Canada
      • Long-term 10+ year operating history
      • Tenant to invest $150,000 to remodel or refurbish the premises no later than 12/31/2028, showing their commitment to the location
      • Corporate Panera makes up 71% of the total annual rent
    • Mattress Firm:
      • Nearly 2 years remaining on the lease with 2 (5-year) option periods to extend
      • $0.50 PSF/YR rental increase in August 2025
      • Franchisee NNN lease (North Dakota Mattress Ventures, LLC) –
        approximately a 9-unit guaranty
      • Mattress Firm is pending acquisition by Tempur Sealy (NYSE: TPX), the world’s largest bedding provider with revenue of $4.93 billion in 2023
      • Long-term tenancy ~10-year operating history
    • Large Freeway Visible Pylon Sign Providing Excellent Visibility
    • Located Near the Signalized Intersection of 22nd Ave SW and 16th St SW (33,500 CPD) and Located Directly at the On/Off Ramps of US 2/52 (15,900 CPD) Providing Convenient Access
    • Positioned Across From Dakota Square Mall Providing Excellent Crossover Traffic: Tenants include Target, Ross, Scheels, TJ Maxx/HomeGoods, Old Navy, Best Buy, Barnes & Noble, Party City, ULTA, and more
    • Affluent Six-Figure Incomes: Average household income in excess of $104,000 in a 5-mile radius
    • Minot, ND Is A Growing Market That Has Experienced Over 16% Population Growth In The Past 10 Years 
• Owner/Broker

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