1495 E 7th St
Price: $3,165,000
Tenant: Panera Bread
Unit: One NNN Unit

The Azucena Group of Marcus & Millichap facilitated a successful 1031 exchange involving the sale of two multifamily properties in San Jose, CA, which were exchanged for a retail property located in Monticello, MN. Located north of Minneapolis, Monticello is a suburban community known for its thriving community and location next to the Mississippi River.

1495 E 7th St is a single-tenant retail property located within the high-traffic Union Crossing Shopping Center, occupied by Panera Bread on a 15-year absolute NNN lease with 14 years remaining as of July 14, 2025. Backed by a corporate guaranty from Panera, LLC, the lease includes 8% rent increases every five years and minimal landlord responsibilities. The new drive-thru location sits on a prime outparcel to a Super Target and Home Depot-anchored center, serving over 121,800 residents in one of Minnesota’s fastest-growing counties. It offers the new owner strong unit-level sales, a rent-to-sales ratio under 5%, and reliable long-term cash flow.