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Panera Bread & First Watch 4002 Saint Michael Dr 4,140 SF Retail Building Texarkana, TX 75503 $9,582,795 CAD ($2,314.68 CAD/SF) 5.85% Cap Rate
Investment Highlights
- New construction 15-year Panera Bread with drive-thru and 10-Year First Watch - both corporate leases
- First Watch (NASDAQ: “FWRG”) operates over 535 locations across 29 states, employing over 14,000 individuals
- Direct outparcel to a Home Depot and Target anchored power center
- Both leases include 10% rental increases every five years, providing a long-term income generator
- 2026 construction built to the latest First Watch & Panera Bread prototypes
- The site’s proximity to Interstate 30 (77,040 AADT) allows the property to capture significant local and commuter traffic
Executive Summary
Excellent Multi-Tenant Location: Highly visible and easily accessible location along Interstate 30 (77,040 AADT), allowing the property to capture significant local and commuter traffic. Richmond Ranch Shopping Center: Asset is part of the Richmond Ranch Shopping Center, a major Target, Home Depot, Sam’s Club, and Kohl’sAnchored power center. Ideal Demographic Base: The five-mile radius serves a populous region of 71,826, with an average annual household income of $78,413 within three miles. Texarkana College: Beneficial proximity to Texarkana College, with a student body of 3,575 people as well as Texas A&M University – Texarkana (2,112 students). Christus St. Michael Hospital: One mile from Christus St. Michael Hospital, with 275 full time staffed beds and 2,200 employees. Growing Market Dynamics: Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise this multi-tenant asset and Texarkana for steady concurrent growth
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
4,140 SF
Building Class
B
Year Built
2026
Price
$9,582,795 CAD
Price Per SF
$2,314.68 CAD
Cap Rate
5.85%
NOI
$560,542 CAD
Tenancy
Single
Building Height
1 Story
Parking
95 Spaces (22.95 Spaces per 1,000 SF Leased)
Fairly walkable
40/100
Exceptionally drivable
100/100
Nearby Major Retailers
Contacts
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Scott Crowle -
Jack Hinson -
Michael Yuras -
Vincent Aicale -
Ryan Forsyth -
Cushman & Wakefield
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Panera Bread & First Watch | 4002 Saint Michael Dr
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