IE Business Daily Business news for the Inland Empire.
A Panera Bread bakery and cafe in Murrieta has been sold.
The drive-thru property at 24711 Madison Ave. sold for $4.1 million, according to the Sands Investment Group in Santa Monica.
The buyer was described as a private investor, the seller as a regional merchant developer. Sands Investment Group in Santa Monica represented both parties in the transaction, which was announced earlier this week.
The 4,600-square-foot restaurant has a 15-year lease. The building is part of a shopping center at Madison Avenue and Interstate 15, a site that is passed by more than 250,000 vehicles a day.
The deal closed at a 4.6 percent capitalization rate, a record for retail properties in Murrieta, Sands Investment Group reported.
A capitalization, or cap rate, measures the ratio of net operating income to the value of the property. Panera Bread, a chain of fast and casual bakery-cafe restaurants in the United States and Canada, traditionally demands aggressive cap rates, according to Sands Investment Group.
