The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Panera Bread located at 6439 Garth Road in Baytown, Texas for $3,000,000.
The 4,552 square foot Panera Bread benefits from its location on a signalized hard corner along Hunt Road and Garth Road (33,580 VPD) which is a primary north-south thoroughfare and has direct access to the Interstate 10 interchange (82,340 VPD). The property is across from H-E-B, the strongest grocer in Texas and positioned directly south of San Jacinto Mall, currently under redevelopment to become a 1 million+ square foot open air shopping center that will be anchored by Macy’s and JC Penney. There are 106,286 people living within 5-miles of the property with an average household income in excess of $76,157 annually.
Randy Blankstein and John Feeney of The Boulder Group represented both sides in the transaction. The seller was a west coast based investment group and the buyer was a Texas based real estate fund.
This Panera Bread property has 12 years remaining on the primary lease. There are also four 5-year renewal option periods with 10% rental escalations at the start of each. Panera Bread Company is an American chain store of bakery-café fast casual restaurants with over 2,100 locations, all of which are positioned across North America.
“Drive-thru properties continue to perform well through COVID-19 restrictions.” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “The market for e-commerce resistant properties remains active after the start of the year.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2020, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States