Marcus & Millichap completed the sale of a net leased Panera property located in Milwaukee for $2.45 million.
The 4,300-square-foot Panera is situated on 0.72 acres at 3511 S. 27th St. Built in 2020, the property has a drive-thru and is an outlot to a retail center with tenants including Ross, Michael’s, Marshalls and Planet Fitness. Panera is subject to a 15-year corporate lease with 10% increases every five years throughout the primary term and option periods. The property is located just south of downtown Milwaukee in a retail corridor anchored by the Aurora St. Luke’s Medical Center.
“This sale reflects the continued investor demand for high-quality net lease assets,” said Jeff Rowlett, senior managing director of investments. “We’re prod to have facilitated a smooth transaction and successful outcome for both parties.” Rowlett, investment specialist in the firm’s Milwaukee office, had the exclusive listing to market the property on behalf of the seller, JMS Commercial Investment Properties, LLC, and Joe Siegel Properties, LLC, and procured the buyer, Ideal Properties of Central Wisconsin, LLC.
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