OFFERING MEMORANDUM

PANERA BREAD(Relocation Store)Jacksonville, FL

Patrick NuttManaging Partner954.302.7365 | patrick.nutt@calkain.com

STORE OPENS JUNE 2019

Asset Summary

Net Operating Income (NOI) $120,000

Rent/Month $10,000

Rentable Square Feet 4,571+/- SF

Land Area 1.50+/- Acres

Tenant Panera, LLC

Website www.panerabread.com

Stock Symbol Nasdaq: PNRA

Guarantor Corporate

Ownership Type Fee Simple

Lease Type NNN

Landlord Responsibilities None

Store Opens June 2019

Lease Term Remaining 10 Years

Rent Commencement Est. 2/1/2019

Lease Expiration June 30, 2029

Increases 10% Every 5 Years

Options Three (3), Five (5) Year

Investment Highlights

• Relocation store - prior location did not offer a drive-thru

• New 10-year absolute NNN lease with 10% bumps every 5 years

• Across from Publix anchored shopping center

• Excellent traffic counts along Atlantic Blvd (49,000 VPD)

• Affluent demographics - population of over 79,000 people with average HH income of $94,000+ within 3-mile radius

Rent ScheduleTerm Increases Annual Rent Monthly Rent

Years 1-5 - $120,000 $10,000

Years 6-10 10% $132,000 $11,000

Years 11-15 (Option 1) 10% $145,200 $12,100

Years 16-20 (Option 2) 10% $159,720 $13,310

Years 21-25 (Option 3) 10% $175,692 $14,641

Asking Price$2,525,000

Cap Rate 4.75%

13201 Atlantic Blvd Jacksonville, FL 32225

Calkain Companies | 2

Panera Bread | Financial Summary

Tenant SnapshotTenant Snapshot

# of Locations

2,024

Serving

8Mil+ Customers / w

Stock Symbol

Nasdaq: PNRA

2017 Revenue

$727Mil

Founded 1981

About Panera BreadPanera Bread Company is a national bakery-cafe concept with 2,024 company-owned and franchise-operated bakery-cafe locations in 46 states, the District of Columbia, and Ontario, Canada operating under the Panera Bread®, Saint Louis Bread Co.® and Paradise Bakery & Café® names, delivering fresh, authentic artisan bread served in a warm environment by engaging associates. They have grown from serving approximately 60 customers per day at our first bakery-cafe to currently serving nearly 8.3 million customers per week system-wide. Panera is currently one of the largest food service companies in the United States. The company believes that success is based on their ability to create long-term concept differentiation.

Bakery-cafes are located in urban, suburban, strip mall, and regional mall locations. They feature high-quality food in a warm, inviting, and comfortable environment, offerings include soups, salads, pasta, sandwiches, and bakery items. With their identity rooted in handcrafted artisan bread, they bake fresh bread every day. Panera is committed to providing great tasting, quality food that people can trust.

Calkain Companies | 3

Tenant Overview

Hollywood

JacksonvilleTallahassee

St. Augustine

Lake City

Daytona Beach

Gainesville

Orlando

4

9095

75

10

95

Subject Site

Jacksonville 12 miles

St. Augustine 36 miles

Gainesville 83 miles

Daytona 88 miles

Orlando 140 miles

Savannah 147 miles

Calkain Companies | 4

Location Overview

Distance To

Keep all map content (except background) above this margin for website cropping purposes

Atlantic Blvd 49,000 VPD

Kernan Blvd S 28,000 VPD

Harbour Place Harbour Village

Abess ParkElementary

School

Subject Site

Old Location

Hodges Blvd 2 4,000 VPD

13201 Atlantic Blvd | Jacksonville, FL 32225

Keep all map content (except background) above this margin for website cropping purposes

Subject Site

Atlantic Blvd 49,000 VPD

Hodges Blvd 24,000 VPD

13201 Atlantic Blvd | Jacksonville, FL 32225

Location Highlights

Excellent Retail Corridor

49,000 VPD Pass the Site

Across from Publix Shopping Center

Site Plan

Atlantic Blvd 49,000 VPDCalkain Companies | 7

Actual Rendering

Calkain Companies | 8

Jacksonville

1 Mile 3 Miles 5 MilesPopulation2018 Population 12,510 79,035 183,571

2023 Population 13,154 85,327 195,605

2018 Median Age 34.9 37.0 36.4

Households2018 Total Households 4,945 29,036 70,683

2023 Total Households 5,181 31,213 75,140

Median Household Income2018 Median HH Income $63,512 $71,621 $63,019

2023 Median HH Income $71,846 $79,998 $72,496

Average Household Income2018 Average HH Income $84,558 $94,858 $87,453

2023 Average HH Income $97,254 $109,947 $102,138

Population 183,571

Median Age 36.4

Avg HH Income $87,453

Total Businesses 5,628

Total Employees 70,054

Annual Spending $3,800 (Eating Out)

5 Mile Radius | Demographics

Location Overview, 1/3/5 Miles

295

29595

95

295

Calkain Companies | 9

About UsCalkain Companies LLC is a boutique commercial real estate investment banking firm that provides consulting and brokerage services to both private and institutional clientele with a focus on single tenant net lease investments. We pride ourselves on being an innovative leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, debt and equity placement and wealth management.

Calkain has built solid, lasting relationships that have been the cornerstone of how we do business. Calkain approaches each assignment with an eye toward each client’s individual needs. Whether private or institutional investors, Calkain delivers real estate solutions that maximize value while building wealth for all of our clients.

At Calkain, our foresight and innovation are leading the net lease investment industry.

Building a solid foundation for your investment portfolio

calkain.com

Disclaimer: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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