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Panera Bread & AT&T, Birmingham, AL

Panera Bread & AT&T

Birmingham, AL

Price $5,328,000
Cap Rate 6.35%
NOI $338,297
Lease Term 10 Years
Lease Type NNN
Rental Increases Various
Year Built 2018
Building Size 8,534 SF
Lot Size 1.48 Acres (64,469 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Alabama-licensed real estate broker Commercial Realty, LLC.

Investment Highlights

100% LEASED RETAIL CENTER WITH STRONG CORPORATE TENANTS
» Long-term leases with scheduled rental increases
» Leased to corporate tenants with strong financials
» Relocation stores from nearby locations, with strong and established customer base

HIGH-TRAFFIC LOCATION AT SIGNALIZED HARD CORNER
» Excellent visibility and access to more than 35,600 vehicles per day at the signalized intersection of Riverchase Drive and John Hawkins Parkway (Highway 150)
» Nearby access to Montgomery Highway (Highway 31)–78,222 AADT, Interstate 459–107,340 AADT, and Interstate 65–124,540 AADT

LOCATED IN DENSE RETAIL CORRIDOR ACROSS FROM THE RIVERCHASE GALLERIA COMPLEX
» Directly across from Riverchase Galleria, one of the largest shopping centers in the Southeast and Alabama’s top tourist attraction, with 15 million visitors per year
» The Riverchase Galleria complex features over 200 retail stores, the Birmingham region’s only Costco, a 15-story Hyatt Regency hotel, and the 17-story Galleria Tower office building

LARGE, AFFLUENT CUSTOMER BASE IN GROWING SUBMARKET
» 119,640 residents with an average household income of $98,331 live within a five-mile radius
» Close proximity to significant new retail and residential developments, including the 44-acre Stadium Trace Village shopping center and the 339-acre expansion of the Trace Crossings housing community

NEW 2018 CONSTRUCTION
» New building, limiting near-term deferred maintenance or capital costs
» Features dedicated Panera Bread drive-thru, providing additional customer convenience and boosting sales revenue

Click Here to Download Offering Memorandum


Property Description

The property is strategically located at the signalized intersection of Riverchase Drive and John Hawkins Parkway (Highway 150), with excellent visibility and access to more than 35,600 vehicles per day. John Hawkins Parkway (Highway 150) intersects with Montgomery Highway (Highway 31), which experiences a high traffic count of 78,222 vehicles per day near the property. In turn, Montgomery Highway (Highway 31) provides convenient access to both Interstate 459 (107,340 AADT) and Interstate 65 (124,540 AADT). Located in a dense retail corridor, the property is surrounded by several large shopping centers featuring major national tenants. The property is across from Riverchase Galleria, one of the largest shopping centers in the Southeast and Alabama’s top tourist attraction, with 15 million visitors per year. In addition to over 200 retail stores—including the Birmingham region’s only Costco—the Riverchase Galleria complex features a 15-story Hyatt Regency hotel and the 17-story Galleria Tower office building. Other major retailers near the property include Sam’s Club, AMC Theatres, Barnes & Noble, Walmart Supercenter, Hobby Lobby, Best Buy, and Michaels, amongst others.

The neighborhoods surrounding the property contain business and industrial parks, schools, hospitals, and recreational areas. Significant development is also happening near the property, with construction on the 44-acre Stadium Trace Village shopping center and the 339-acre expansion of the Trace Crossings housing community already underway. The property is close to major employers and dense residential neighborhoods and is supported by a large, affluent customer base; over 71,000 daytime employees work within a five-mile radius, and 119,640 residents with an average household income of $98,331 live within the same area.

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