Top 7% Panera Bread Anchored Retail Center | 6.76% CAP
Top 7% Panera Bread in the Nation | 6 Tenants | 100% Occupied
Marketing description
Marcus & Millichap is pleased to present the exclusive opportunity to acquire a 100% fee simple interest in Century Plaza, a premier, 100% occupied Class "A" retail strip center located in Merrillville, Indiana, within the prominent Chicago MSA.
Spanning 18,215 square feet on approximately 1.64 acres, the property features a highly successful, internet-resistant tenant roster heavily oriented toward dining and daily services. The center is anchored by a top-tier Panera Bread with a dedicated drive-thru, which stands as a top-performing location ranked in the top 7% nationwide. The asset boasts excellent historical stability, showcasing nationally recognized brands like Panera Bread, Qdoba, and Plato's Closet.
Century Plaza is strategically positioned at the high-traffic intersection of East Lincoln Highway (the area's main retail corridor) and Broadway, benefiting from an exceptional combined traffic count of over 87,000 vehicles per day. Situated within a dense and affluent southern Chicago suburb, the property serves a captive market of over 100,000 residents with average household incomes exceeding $80,000 within a 5-mile radius. Offered free and clear of debt, Century Plaza provides an incoming investor with an immediate, secure, and predictably growing cash flow backed by an institutional-quality retail asset.
Investment highlights
- Class "A" Panera-Anchored Asset: Features an institutional-quality, 18,215-square-foot retail design that is 100% leased to a strong mix of e-commerce-resistant restaurant and retail tenants.
- Top-Performing Drive-Thru Anchor: The anchor tenant, Panera Bread, utilizes a high-volume drive-thru lane and ranks among the top 7% of all Panera locations nationwide.
- Passive Triple-Net (NNN) Structure: All tenants operate under triple-net leases, minimizing direct landlord capital exposure and expense responsibilities.
- Contractual Revenue Growth: Built-in rental escalations across the tenant leases provide an excellent hedge against inflation and steadily increase Net Operating Income (NOI) over time.
- Exceptional Core Location & Visibility: Strategically positioned along East Lincoln Highway (62,000+ VPD) and Broadway (25,000+ VPD), creating prominent visibility and easy access to more than 87,000 combined vehicles per day.
- Long-Tenured Tenant History: Demonstrates superb historical performance and commitment to the site, highlighted by an average tenant tenure exceeding 14 years
- Premier Retail Corridor Demographics: Situated in a high-density, affluent Chicago suburb directly surrounded by elite national retailers (including Walmart, Costco, Sam's Club, and Target), serving a population of over 100,000 people within a 5-mile radius.
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