October 5, 2022 – Dan Bernardini of Horvath & Tremblay has successfully completed the sale of a Panera Bread ground lease in North Haven, Connecticut. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2,528,735.
Panera Bread is located at 550 Universal Drive North in North Haven, Connecticut. The property is comprised of a 3,812 square foot single-tenant building with a drive-through lane on 1.03 acres of land. The new construction Panera has 13 years remaining on their Absolute NNN Ground Lease with four (4), 5-year renewal options. The lease calls for attractive 10% scheduled rent increases every five-years throughout the base term and at the start of each renewal option. Panera Bread is strategically located along Universal Drive, an access road that connects surrounding retail and commercial in the immediate area and is an outparcel to a larger shopping center which is anchored by Cinemark Theatres and Chick-fil-A, two high-traffic tenants. The Property benefits from the synergy of surrounding retailers including Target, Best Buy, Home Depot, and Dick’s Sporting Goods. North Haven is Only 8 miles north of New Haven, home to Yale University and a busy college town with more than 20,000 students.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.