Offering Memorandum
Panera Bread Ground Lease
Freddy’s Frozen Custard
10430 N. 28th Drive
Phoenix,
Lakewood,AZ
CO85029
Confidentiality Agreement
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only
by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written
consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and
treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of
the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus
& Millichap.
This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective
purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not
a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty
or representation with respect to the income or expenses for the subject property, the future projected financial performance of the
property, the size and square footage of the property and improvements, the presence or absence of contaminating substances,
PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon,
or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of
the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be
reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap
conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or
completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth
herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Net Leased Disclaimer
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus &
Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these
matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any
information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation
of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property
for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current
or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and
your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased
property to determine to your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and
carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other
locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including
newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual
performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or
property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market,
economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his
her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood
of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able
to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use
of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless
from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.
exclusively listed
Exclusively listed by:
Investment Sales:
Jamie Medress
Mark Ruble
Senior Vice President Investments
PHOENIX OFFICE
Tel: (602) 687-6778
Fax: (602) 687-6717
jamie.medress@marcusmillichap.com
First Vice President Investments
PHOENIX OFFICE
Tel: (602) 687-6766
Fax: (602) 687-6710
mark.ruble@marcusmillichap.com
OFFICES NATIONWIDE
www.marcusmillichap.com
Panera Bread
Table of Contents
EXECUTIVE SUMMARY
Offering Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
PROPERTY DESCRIPTION
Investment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Regional Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Local Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Aerial Photos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9
Surrounding Property Photos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Site Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
FINANCIAL ANALYSIS
Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Tenant Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
MARKET OVERVIEW
Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Demographic Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
summary
EXECUTIVE SUMMARY
E X E CUTI VE SUM M A RY
Panera Bread
EXECUTIVE
SUMMARY
PANERA BREAD GROUND LEASE
10430 N. 28th Drive
Phoenix, AZ 85029
OFFERING SUMMARY
Offering Price
Down Payment
100% $3,222,200
4.5%
Building Size
4,543 SF
Lot Size
.85 Acres
Year Built
PROPERTY
DESCRIPTION
CAP Rate
$3,222,200
2014
LEASE SUMMARY
Lease Type
Tenant
Panera, LLC
15 Years
Lease Commencement
December 22, 2014
Lease Expiration Date
December 21, 2029
Lease Term Remaining
Options
Increases
FINANCIAL
ANALYSIS
Primary Lease Term
Absolute Triple-Net (NNN) Ground Lease
15 Years
3, 5 Year Options
10% Every 5 Years
MARKET OVERVIEW
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
2
description
PROPERTY DESCRIPTION
AER I AL P HOTO
Panera Bread
P R OP ERTY DESCR IP TION
EXECUTIVE
SUMMARY
Investment Overview
PROPERTY
DESCRIPTION
The subject property is located at 10430 N. 28th Drive in Phoenix, Arizona.
Currently under construction, Panera Bread is an approximate 4,543-square foot,
single-tenant retail building on an estimated .85 acres of land. The property is
leased to Panera, LLC on an absolute triple-net (NNN) ground lease with no
landlord responsibilities, 10% increases every five years and three, five-year renewal
options. Panera Bread (NASDAQ: PNRA) operates 1,800 fast casual restaurants in
the United States and Canada. Their menu offers soups, salads, pasta, sandwiches,
and bakery items.
MARKET OVERVIEW
FINANCIAL
ANALYSIS
Panera Bread sits near the entrance of Metro Center Mall and adjacent to Interstate
17, one of the busiest Arizona Freeways which links to all major freeways in the
Phoenix Metropolitan Area. The central location of Metro Center makes it a popular
destination for locals and visitors alike. Anchored by Sears, Macy’s, Dillard’s and
a brand new 148,000-square foot Walmart Supercenter to open in early 2016.
The center also features an additional 125 stores and eateries. Other tenants in
the immediate area include Harkins Theatres, Burlington Coat Factory, Michael’s,
PetSmart, Big 5 Sporting Goods, LA Fitness, Mega Furniture, Barnes & Noble,
Guitar Center, Dollar Tree, Jiffy Lube, Ross and more.
Investment Highlights
• Brand New 15-Year Absolute Triple-Net (NNN) Corporate Ground Lease
(NASDAQ: PNRA)
• 10% Rent Increases Every 5 Years
The subject is positioned in a densely populated area - there are 416,000 residents
and 157,000 households within a 5-miles radius of the property. Arizona State
University’s West Campus and Glendale Community College (40,000 students
combined) are just 5 miles away.
• Rare Drive Thru Location
• Corner Location on Entrance to MetroCenter Mall – 1.36 Million-Square-Foot
Regional Mall
• Phoenix MSA - 416K Residents Within a 5-Mile Radius
• Just Under 3 Million-Square-Feet of Office Space Back up in Immediate Area, as
well as a Substantial Number of National Retail and Restaurant Tenants
5
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
Panera Bread
P R OP ERTY DESCR IP TION
R EGI ONAL MA P
EXECUTIVE
SUMMARY
PROPERTY
DESCRIPTION
MAP
FINANCIAL
ANALYSIS
Williams-Sonoma
MARKET OVERVIEW
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
6
Panera Bread
P R OP ERTY DESCR IP TION
PROPERTY
DESCRIPTION
EXECUTIVE
SUMMARY
L O CAL MAP
FINANCIAL
ANALYSIS
MAP
MARKET OVERVIEW
Williams-Sonoma
7
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
Panera Bread
P R OP ERTY DESCR IP TION
AERIAL
EXECUTIVE
SUMMARY
CHOLLA MIDDLE SCHOOL
PROPERTY
DESCRIPTION
W PEORIA AVENUE
McDonald’s
FINANCIAL
ANALYSIS
ROSE MOFFORD
SPORTS COMPLEX
MARKET OVERVIEW
OPENING
EARLY 2016
Walgreens
CORTEZ
HIGH SCHOOL
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
8
Panera Bread
P R OP ERTY DESCR IP TION
PROPERTY
DESCRIPTION
N 28TH DRIVE
EXECUTIVE
SUMMARY
AERIAL
W PEORIA AVENUE
65,000+ CPD
FINANCIAL
ANALYSIS
Burger King
MARKET OVERVIEW
METRO PLAZA
OPENING
EARLY 2016
9
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
P R OP ERTY DESCR IP TION
Panera Bread
SURROUNDING PROPERTY PHOTOS
EXECUTIVE
SUMMARY
PROPERTY
DESCRIPTION
FINANCIAL
ANALYSIS
MARKET OVERVIEW
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
10
P R OP ERTY DESCR IP TION
Panera Bread
MARKET OVERVIEW
FINANCIAL
ANALYSIS
PROPERTY
DESCRIPTION
EXECUTIVE
SUMMARY
S IT E P LAN
11
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
analysis
F I N A N C I A L A N A LY S I S
Panera Bread
F INANCI AL A NA LY SIS
EXECUTIVE
SUMMARY
Financial Summary
ANNUALIZED OPERATING
FINANCIAL SUMMARY
Price
Down Payment
Cap Rate
PROPERTY
DESCRIPTION
Net Cash Flow
LEASE YEARS
ANNUAL RENT
CAP RATE
100% $3,222,200
12/22/2014 - 12/21/2019
$145,000
4.50%
4.50%
12/22/2019 - 12/21/2024
$159,500
4.95%
4.50% $145,000
12/22/2024 - 12/21/2029
$175,450
5.44%
OPTION YEARS
ANNUAL RENT
CAP RATE
12/22/2029 - 12/21/2034
$192,995
5.98%
12/22/2034 - 12/22/2039
$212,295
6.58%
12/22/2039 - 12/22/2044
$233,524
7.24%
$3,222,200
Building Size
4,543 SF
Lot Size
.85 Acres
Year Built
2014
LEASE SUMMARY
Lease Type
Tenant
FINANCIAL
ANALYSIS
Roof & Structure
Primary Lease Term
MARKET OVERVIEW
Panera, LLC
Tenant Responsible
BASE RENT
$145,000
Net Operating Income
$145,000
Total Return
4.50% $145,000
15 Years
Lease Commencement Date
December 22, 2014
Lease Expiration
December 21, 2029
Effective Lease Term Remaining
13
Absolute Triple-Net (NNN) Ground Lease
15 Years
Rental Increases
10% Every 5 Years
Renewal Options
3, 5 Year Options
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
Panera Bread
F INAN CI AL A NA LY SIS
Tenant Overview
EXECUTIVE
SUMMARY
PROPERTY
DESCRIPTION
FINANCIAL
ANALYSIS
With the single goal of making great bread broadly available to consumers across
America, Panera Bread freshly bakes more bread each day than any bakery-cafe concept
in the country. Every day, at every location, trained bakers craft and bake each loaf
from scratch, using the best ingredients to ensure the highest quality breads. Panera
Bread bakery-cafes showcase the art and craft of bread making, helping customers truly
appreciate and enjoy a great loaf of bread by studying its crust, crumb and craft. Panera
Bread understands that great bread makes great meals, from made-to-order sandwiches
to tossed-to-order salads and soup served in bread bowls.
The Panera Bread® legacy began in 1981 as Au Bon Pain Co., Inc. Founded by Louis
Kane and Ron Shaich, the company prospered along the east coast of the United
States and internationally throughout the 1980s and 1990s and became the dominant
operator within the bakery-cafe category.
In 1993, Au Bon Pain Co., Inc. purchased Saint Louis Bread Company®, a chain of 20
bakery-cafes located in the St. Louis area.
MARKET OVERVIEW
The company then managed a comprehensive re-staging of Saint Louis Bread Co.
Between 1993 and 1997 average unit volumes increased by 75%. Ultimately the
concept’s name was changed to Panera Bread.
In May 1999, all of Au Bon Pain Co., Inc.’s business units were sold, with the exception
of Panera Bread, and the company was renamed Panera Bread. Since those transactions
were completed, the company’s stock has grown thirteen-fold and over $1 billion in
shareholder value has been created.
In 2007, Panera Bread purchased a majority stake in Paradise Bakery & Café®, a
Phoenix-based concept with over 70 locations in 10 states (predominantly in the west
and southwest). The Company purchased the balance of Paradise in June 2009.
Headquarters
Sunset Hills, MO
Stock Symbol
NASDAQ: PNRA
Locations
Website
1,800
www.panerabread.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
14
overview
MARKET OVERVIEW
AER I AL P HOTO
Panera Bread
M ARK ET OVER V IEW
EXECUTIVE
SUMMARY
Location Overview
Metrocenter Mall
MARKET OVERVIEW
FINANCIAL
ANALYSIS
PROPERTY
DESCRIPTION
Metrocenter Mall is adjacent to Interstate 17, one of the busiest freeways in Arizona that
links to all major freeways in the Phoenix MSA. The center offers and an expansive offering
of retailers and restaurants, and its central location makes it a favorable destination for both
residents and visitors.
The mall accommodates three anchors including Sears, Macy’s and Dillard’s. The mall is
adding a brand new 148,000-square-foot Walmart Supercenter, expected to open in early
2016, that will act as an additional anchor. Metrocenter also offers more than 125 specialty
stores and restaurants, including Bath and Body Works, a 12 screen Harkins Theatre, Victoria’s
Secret, Hot Topic, The Children’s Place, GNC and Torrid.
A $32 million renovation was done on the mall in 2007 that included a major revitalization
of the interior and exterior of the center, along with the addition of a children’s play area,
community room and upgrade of the food court. Arizona State University’s West Campus
and Glendale Community College are located 5 miles from the center, providing 40,000
college students in the immediate area.
Total Square Feet: 1,364,932
Anchors: Macy’s, Sears, Dillards and Walmart (Opening early 2016)
Property Type: Regional
Built: 1973 - Renovated in 1993 & 2005-2007
17
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
Panera Bread
M ARK ET OVER V IEW
Location Overview
EXECUTIVE
SUMMARY
Phoenix MSA
Phoenix is:
175 miles from Nogales (Mexican border)
350 miles from San Diego
370 miles from Los Angeles
1,060 miles from Dallas
With 20 hospitals and a major medical research center (The
Mayo Clinic in Scottsdale), it is clear that healthcare is a
critical industry to the Phoenix economy.
Market Highlights
The Phoenix region boasts almost 300 days of sunshine
annually, low humidity and very mild winters. In addition
to hiking, camping and boating, sports enthusiasts can
enjoy one of the most complete lineups of major league
teams found in any city, including teams in all four of the
major sports. The city also has more than 150 golf courses
and over 1,000 tennis courts.
High population growth
The Phoenix MSA is one of the fastest-growing markets in
the country with 2.2 percent average annual population
growth forecast over the next five years.
Large high-tech manufacturing base
Intel Corpl, Motorola Inc., Honeywell and others have large
Phoenix operations.
High median household income
The median household income in Phoenix is 6% above the
national level.
One international airport
The cost of living index for Phoenix is 99.8 (U.S. average
= 100), an especially interesting score given that the cost of
living tends to increase proportionally with population size.
The low cost of utilities (92 percent of the national average)
accounts for most of the lower overall score.
Phoenix has more than 40 museums and more than 150
art galleries, and is home to both the world-famous Heard
Museum and Frank Lloyd Wright’s Taliesin West. The
recently completed Dodge Theater in downtown Phoenix
has been playing to packed houses and attracts major
touring performances.
More than 277,000 students are enrolled in institutions
of higher learning in Phoenix, including Arizona State
University, University of Phoenix, six other private
universities and 10 community colleges. ASU’s W.P. Carey
School of Business is ranked in the top 10 percent of
undergraduate business programs in the nation.
Phoenix/Sky Harbor International Airport
$72 million daily economic impact
9th busiest airport in the United States
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT IDV0070252
18
MARKETN OVERVIEW
High-tech manufacturing has been a powerful economic
driver in the Phoenix economy for the past two decades. The
area’s relatively low cost of doing business has encouraged
several manufacturers to remain in the area despite the trend
toward moving production offshore.
Phoenix is often described as a great place to live. It offers
a lower cost of living than other metro areas its size, a
moderate climate and a wide variety of recreational and
cultural activities.
FINANCIAL
ANALYSIS
As one of the primary beneficiaries of the massive shift in
the U.S. population from northern to southern MSAs,
Phoenix will have little difficulty finding enough workers;
the challenge, though, will be in attracting high-paying
jobs. Phoenix claims four Fortune 500 headquarters: Avnet,
Phelps Dodge, Allied Waste Industries and US Airways
Group. Tourism, high-tech manufacturing, healthcare and
defense dominate the Phoenix economy, and the area’s longterm outlook remains healthy.
After sustaining large losses in 2000 and 2001 due to heavy
competition and aggressive pricing, HMOs and other health
services providers have raised premiums, turned profitable
and stopped reducing staff. Office-using employment in the
metro accounts for 25 percent of total employment, or more
than 500,000 jobs, which exceeds the nation’s. Over the
next few years, Phoenix will average a 2.5 percent increase
per year.
PROPERTY
DESCRIPTION
The Phoenix MSA is located within both Maricopa and
Pinal Counties. The MSA includes 31 incorporated cities
and 24 unincorporated towns and cities. When ranked
according to annual growth over the past 10 years, the
Phoenix MSA contains six of the top 100 fastest-growing
cities in the nation, including Chandler, Gilbert, Glendale,
Mesa, Peoria and Scottsdale.
Panera Bread
M ARK ET OVER V IEW
Population
2018 Projection
2013 Estimate
2000 Census
2010 Census
2013 Daytime Population
1-Mile
13,258
13,553
13,729
13,165
12,196
3-Miles
156,794
157,806
158,697
153,137
46,356
5-Miles
414,223
416,148
417,610
403,925
117,233
Households
2016 Projections
2013 Estimate
2000 Census
2010 Census
1-Mile
5,969
6,049
6,312
5,880
3-Miles
58,875
58,657
60,067
56,942
5-Miles
157,708
156,741
158,837
152,177
2013 Income
$200,000 or More
$150,000 - $199,999
$100,000 - $149,999
$75,000 - $99,999
$50,000 - $74,999
$35,000 - $49,999
$25,000 - $34,999
$15,000 - $24,999
$10,000 - $14,999
Under $9,999
Average Household Income
Median Household Income
Per Capita Income
1-Mile
1.19%
1.33%
7.16%
9.71%
17.58%
18.85%
13.68%
14.85%
6.41%
9.22%
$51,162
$38,525
$22,862
3-Miles
2.12%
1.72%
9.28%
11.25%
19.63%
17.24%
13.79%
12.23%
5.04%
7.70%
$59,544
$44,556
$22,278
5-Miles
2.82%
2.23%
10.11%
11.20%
18.89%
16.33%
12.60%
12.41%
5.46%
7.96%
$63,190
$45,236
$23,945
MARKET OVERVIEW
FINANCIAL
ANALYSIS
PROPERTY
DESCRIPTION
EXECUTIVE
SUMMARY
Demographic Summary
19
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0070252
exclusively listed
Exclusively listed by:
Investment Sales:
Jamie Medress
Mark Ruble
Senior Vice President Investments
PHOENIX OFFICE
Tel: (602) 687-6778
Fax: (602) 687-6717
jamie.medress@marcusmillichap.com
First Vice President Investments
PHOENIX OFFICE
Tel: (602) 687-6766
Fax: (602) 687-6710
mark.ruble@marcusmillichap.com
OFFICES NATIONWIDE
www.marcusmillichap.com