Covelli Enterprises sells next-gen Panera prototype's real estate to New York investors
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 4, 2023

The first of Panera's next-generation stores, which opened in suburban Tampa in early February, has been sold to New York investors.

Kit Realty Inc. paid $8.125 million for 11135 and 11137 Causeway Blvd. in Brandon on March 29, according to Hillsborough County property records. The purchase price is for the Panera and a Chipotle being constructed on the same lot. The seller was an entity linked to Covelli Enterprises, the largest franchisee of Panera in the U.S.

The 3,620-square-foot Panera cafe and its parking lot occupy just under 2 acres, property records show.

The property was advertised on LoopNet, a commercial real estate marketing platform, as a 15-year sale-leaseback. Both tenants would enter into a 15-year lease with the buyers upon the closing of the property sale.

Panera's new prototype includes a drive-thru, innovation in digital ordering and bakery ovens that are in full view of the dining room instead of behind the counter. It seats 74 inside and 40 on the patio.