Franklin Street has arranged the $3,028,571 sale of a newly-constructed Panera Bread, a national chain of bakery-café fast-casual restaurants, located at 639 S. Cumberland Street in Lebanon, Tennessee. John Tennant, Bryan Belk and Oliver Oldacre of Franklin Street’s Atlanta office represented the seller, Oldacre McDonald of Nashville, Tennessee, in the marketing of the 3,486-square-foot restaurant. The buyer was Quality Properties, GP of Johnson City, Tennessee, who plans to hold the property for long-term investment.
“The sale of this property signifies that even with higher interest rates, we are still seeing aggressive CAP rates for high quality, net-leased properties where investors are looking for stabilized returns,” said Oldacre, investment sales associate at Franklin Street. “The buyer was very interested in the development from the onset due to involvement in purchasing multiple properties of similar quality through an existing 1031 exchange. We are excited to have executed the sale so quickly.”
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