The $4,315,000 sale of a recently built Panera Bread in Chandler set a national record for the highest sale price, highest price per square foot and lowest cap rate for the chain, according to brokers who worked on the deal.
WINLEE Development sold the net-leased property located at 3141 W. Frye Rd., Chandler to a private investor, whose identity was not disclosed. The Panera bread is located at the Chandler Viridian PRIMEGATE Fashion Center Project, a 24,000-square-foot, 25-acre mixed-use project.
Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office represented WINLEE Development in the sale. The buyer was represented by Alexander Pildes, Michael Lombardi and Richard Gatto, investment specialists in Marcus & Millichap’s New Jersey office.
Jamie Medress commented, “The many records set by this sale, together with the number of offers received and a closing that took less than 30 days, validates not only the spectacular location of the underlying real estate, but also the developer’s idea to design something different featuring sleek architecture. We represent a lot of deals in more than 40 states, and I can tell you it’s not often one finds a project like this. You don’t usually see a development that has the confluences of being at the entrance to great super-regional luxury mall, being part of a massive mixed-use project with class-A office, polished limited-service hospitality, 10 acres of posh apartments, having exposure to more than 200,000 cars per day, being at the intersection of regional freeways, and yet still being anchored by adjacent big boxes like Costco and Super-Target and entertainment like the Harkins 20 Movie Theatres. You just don’t see an opportunity like this very often.”
The Panera Bread will open this month.
Chandler Viridian is being developed by WINLEE, Hines, Alliance Residential and Concord Hospitality.
Reigle & Associates were the architects for the Panera Bread. Wespac Construction was the contractor and CBRE handled leasing with Alliance Bank handling the financing of the Panera Bread.