Marcus & Millichap announced the sale of Panera Bread | Noodles & Company outlet, a 7,902 square-foot retail property located in Lake Bluff, IL. The asset sold for $3,175,000.
Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The purchaser was a European based individual.
Panera Bread | Noodles & Company outlot is 100 percent occupied by these two nationally renowned tenants. Panera Bread has been in the property for 10 years and recently exercised a five-year option. Noodles and Company signed a new 10-year base-term, with rent commencing in November 2014. Each tenant is operating under a net-lease, reimbursing for their pro-rata share of taxes, insurance and common area maintenance.
This two-tenant center is located on the hard southeast corner of Waukegan and Rockland Roads. This lighted intersection has a strong daily traffic count of 37,715.