Marcus & Millichap (NYSE: MMI), announced the sale of Panera Bread & Aspen Dental, a 7,055 SF net-leased property located in Kingsland, GA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $3,785,000. The buyer, a private investor located out of Princeton, NJ, was secured and represented by Craig Dunkle, an investment sale specialist from the Dunkle Group of Marcus & Millichap. John Leonard, Broker of Record, assisted in closing this transaction.
Panera Bread & Aspen Dental is located at 105-A Crown Pointe Parkway in Kingsland, GA. The property benefits from dynamic demographics with proximity to Jacksonville’s central business district. It is ideally positioned with excellent access and visibility along Boone Street, which runs parallel to East King Avenue (21,700 VPD) and is also 0.4 miles from the exit ramp of I-95 (60,400 VPD) that provides access to downtown Jacksonville and Savannah.
The subject property was newly constructed in 2019-2020, with the Aspen Dental operating and paying rent for roughly 9 months, and with Panera Bread’s rent commencement date slated for January 9th, 2021. With the property consisting of two brand new 10 years leases and rent increases scheduled in the base term of the lease, the buyer could not be happier with the subject acquisition to add to his stabilized Class A portfolio.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
