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| John Tennant |
ATLANTA, GA – 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.”
For
more information, please contact:
Britni Johnson • The
Wilbert Group
1720 Peachtree St., Suite
350 • Atlanta, Ga. 30309
M: 912-580-7241
@beejie330
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