JLL closes $3.12M sale of Charleston-area Panera Bread outparcel

ORLANDO, December 12, 2019 – JLL announced today that it has closed the $3.12 million sale of a 1.12-acre, single-tenant parcel that is ground leased to a newly constructed Panera Bread in the Charleston community of Summerville, South Carolina.

JLL marketed the property on behalf of the seller, a partnership between North American Development Group and Hendon Properties. An affiliate entity of CASTO purchased the asset.

In the past 35 years, Panera has grown from one 400-square-foot cookie store into an enterprise with more than 2,000 bakery-cafes, 100,000 associates and annual statewide system sales of more than $5 billion. Panera opened in 2019 in the new prototype building situated on 1.12 acres at 9480 Dorchester Road. The building features a drive-thru and fronts the successful grocery-anchored shopping center, Corner at Westcott, which is leased to national, leading retailers such as Harris Teeter, Lowe’s, Marshalls, Starbucks and Club Pilates. The property’s Dorchester Road location exposes it to 39,700 vehicles per day and places it less than 20 minutes from downtown Charleston. Panera is located 10 minutes from the 4.6-million square-foot Palmetto Commerce Industrial Park, a high-tech manufacturing hub featuring Boeing, Volvo and Mercedes. More than 52,700 residents earning an average annual household income of nearly $80,000 live within a three-mile radius of the property.

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson and Directors Michael Brewster and Ryan Eklund along with Managing Director Marc Mandel and Director Steve Schrenk.

“Panera Bread is one of the strongest fast-casual brands that is continuously growing its real estate footprint and evolving its offerings and services,” Brewster said. “Both corporate and franchisee operators select high-quality real estate in strong shopping centers in growing, affluent communities, such as the Corner at Westcott in Summerville, and investors have taken notice.”  

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North American Development Group (“NADG”) was founded in 1977 and is a full-service real estate platform with over $4.5 billion of assets under management. NADG has been active in the acquisition, development, redevelopment and management of over 250 shopping centers, mixed-use developments and residential communities comprising well over 35 million square feet across Canada and the United States. NADG operates within four distinct platforms: NADG Retail, NADG Residential, NADG Land and NADG Private Equity. NADG’s team of over 235 professionals are in 11 offices across North America, six in Canada and five in the United States. For more information visit nadg.com.

Hendon Properties is a full-service development, brokerage and management organization specializing in retail-oriented real estate. The firm focuses on community and regional shopping centers, malls and credit tenant build-to-suit developments. The team manages all aspects of brokerage and development including site selection, project budgeting, due diligence, engineering, architecture, construction and leasing. Visit hendonproperties.com to learn more.

CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of multi-family residences, commercial shopping centers and office buildings. CASTO’s growing portfolio currently includes over 26 million square feet of commercial property and over 4,000 residential units located throughout the midwestern and southeastern United States. CASTO is headquartered in Columbus, Ohio, and serves a variety of clients from five offices in Florida, North Carolina and Ohio. To learn more about CASTO, visit castoinfo.com.