Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to offer the opportunity to acquire the fee simple interest in a Panera Bread located at 16160 Fort St, Southgate, Michigan ("Property" or "Asset"). Panera LLC. ("Tenant") is operating on an absolute NNN lease with zero landlord responsibilities, 15 years of primary lease term, three, five-year renewal options, and 8% rent escalations every five-years.

Panera Bread is privately held by JAB Holding Company which possesses an investment grade credit rating (Baa1; Stable (Moody's)). JAB Holdings is a Luxembourg-based investment firm that acquired the company in 2017 in a transaction valued at approximately $7.5 billion, possessing investment grade credit (Baa1; Moody's)). Panera Bread is a leading fast casual bakery-cafe chain operating more than 2,200 locations across 48 states. Founded in 1987 the company pioneered the fast casual dining category, offering a menu centered on soups, salads, sandwiches, mac & cheese, and baked goods.

The Property occupies a strategic position in Southgate, Michigan, just 11 miles south of Detroit and 7 miles east of Detroit Metropolitan Wayne County Airport, one of the nation's busiest transportation hubs serving over 33 million annual passengers. Situated directly along Fort Street, the Property benefits from exceptional visibility and traffic exposure with over 42,000 vehicles per day.

The site sits within a five-mile radius encompassing more than 187,000 residents across 80,000 households with an average household income exceeding $89,000, positioning it within a strong, densely populated market.

The Property functions as an outparcel to Extra Space Storage and Meijer, capturing access to their combined 2.1 million annual visitors(Placer.ai). Its location within a concentrated retail corridor anchored by Southgate Shopping Center further enhances its appeal. Adjacent major retail destinations include Southgate Ford, Lincoln, Lowe's, and Meijer which generates a combined 4 million annual visitors(Placer.ai), creating exceptional customer flow and establishing the site as a proven retail node with sustained market demand.

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Attributes

Building area net

223 m²

Year built

2026

Land area gross

0.29 ha

Remaining lease term

15 years

Asking price

₩5,278,711,000

Cap rate

5.15%

NOI

₩271,869,000

Media

Investment Highlights

Corporate Absolute NNN Lease: Zero landlord responsibilities.
15-Year Initial Term: Provides long-term income stability with three, five-year renewal options.
8% Rent Escalations: Built-in 8%rental escalations every five years.
Strong National Tenant: Panera Bread operates over 2,200 locations nationwide across 48 states.
#12 QSR by Unit Sales: Ranks among the top-performing quick-service restaurants in the U.S. per unit sales in 2025.
High-Traffic Location: Immediate access to over 42,000 vehicles per day along Fort Street.
Dense Demographics: Serves 187,000 residents within a 5-mile radius.
Meijer Outparcel: Benefits from ±2.1 million annual visitors to the adjacent Meijer.
Adjacent to Major Investment: Located next to The Bank Tower Apartments, Southgate's largest private equity investment at $43 million.
Proven Retail Corridor: Positioned within a concentrated retail node generating 4 million combined annual visitors.