November 15, 2022 – Steven Schiavello and Patrick Gray of Horvath & Tremblay have successfully completed the sale of a Panera Bread in Brunswick (Cleveland MSA), Ohio. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $3,493,560.
Panera Bread is located at 1405 Parschen Road in Brunswick (Cleveland MSA), Ohio. The stand-alone, single tenant building consists of 4,663 square feet and sits on a 1.40-acre parcel with a drive thru. Panera has been at this location since it was constructed in 2013 and signed a new, 15-year lease upon the close of escrow (Sale-Leaseback). Panera’s lease is Absolute NNN and includes four (4), 5-year renewal options, as well as an attractive 7.5% rent increase every 5 years throughout the base term and at the start of each option period. The Property is situated at the intersection of Parschen Road and Center Road (OH Route 303), the area’s primary commercial corridor. The Property ideally is positioned across the street from the Brunswick High School and Elementary School and is surrounded by national retailers and restaurants that drive consumers and traffic to the area. Panera is strategically positioned in between a Meijer and Giant Eagle Supermarket, the area’s two grocery stores, and is less than 1-mile from Interstate 71. Just east of Interstate 71 is the area’s primary industrial area with more than 30 major businesses providing a robust customer base.
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.