For Sale
$3,300,000

743 Lynnhaven PkwyVirginia Beach, VA 23452

Virginia Beach Panera Bread, strong lease, high ROI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple interest in a 4,450-square-foot Panera Bread restaurant located at 743 Lynnhaven Parkway, Virginia Beach, VA 23452. The property boasts a 15.1-year absolute NNN ground lease with a corporate guarantee from Panera Bread, providing significant security and stability. With 11.4 years remaining on the initial lease term, this investment offers substantial long-term income potential. The lease includes three 5-year renewal options, with rent increases of 10% every five years during the initial term and the first two renewal options, and a 15% increase in the third option. The property sits on a 1.15-acre outparcel of Lynnhaven Mall, the largest shopping center in southeastern Virginia, benefiting from high visibility and significant foot traffic. Built in 2021, this single-story building features 82 parking spaces and is zoned B-2 Community Business. The property's strong location, coupled with the established Panera Bread brand and favorable lease terms, makes it an attractive investment with a 5.00% cap rate and a current NOI of $165,000. The asking price is $3,300,000, representing a price per square foot of $741.57. The property's strategic location near major roadways, including Interstate 264 and US Highway 58, and its proximity to significant employment centers, including Naval Air Station Oceana and upcoming commercial developments, further enhance its investment appeal. This is a rare opportunity to acquire a high-performing, well-located Panera Bread property with a secure, long-term lease.

Highlights

  • Corporately guaranteed NNN ground lease with over 11 years remaining.
  • 10% rent increases every 5 years in the initial term and first two 5-year options.
  • 15% rent increase in the third 5-year renewal option.
  • 1.15-acre outparcel of Lynnhaven Mall, the largest shopping center in Southeastern Virginia.
  • Panera Bread relocated to this build-to-suit location in 2021.
  • High-traffic location between Lynnhaven Parkway (59,000+ AADT) and South Lynnhaven Road (23,000+ AADT).

Property Details for 743 Lynnhaven Pkwy

Property type
Retail properties, Restaurants
Square Feet
4,450 SF
Year Built
2021
Buildings
1
Stories
1
Lot Size (sq. ft)
50,094 SF
Units
1

Location Insight

City
Virginia Beach
County
Virginia Beach City
State
Virginia
Latitude
36.8169879
Longitude
-76.06756413
743 Lynnhaven Pkwy, Virginia Beach, Virginia

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743 Lynnhaven Pkwy
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