Marcus & Millichap is pleased to present the exclusive listing for a Panera Bread located at 34180 Monterey Avenue in Palm Desert, CA. The property will consist of roughly 4,200 rentable square feet of building space on an estimated 1.20-acre parcel of land.
The subject investment property is subject to a 15-year triple-net (NNN) ground lease, which commenced on October 7, 2014. The current annual rent is$131,017 and increases by eight percent (8.0%) every five (5) years throughout the term of the lease and in each option period. There will be four (4), five (5)-year tenant renewal options, extending the total possible lease term to 35 years.3275425