SRS Real Estate Partners has completed the $5.73 million ground lease (land ownership) sale of a Panera Bread property located at 5212 Moreno Street in Montclair, Calif. The 3,950-square-foot (sf) property sold at a price of $1,451 per sf which is the highest price point and per square foot price in the country this year for a single-tenant net-leased Panera.
SRS Capital Markets’ Senior Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a Southern California- and Arizona-based developer. The buyer was a private California investor completing a 1031 exchange represented by Compass Commercial. The closing cap rate was 5.04% and new financing was placed on the property during the acquisition.
Situated on 0.28 acres, the property was built in 2014 and is secured by a corporate-guaranteed ground lease with 15 years remaining.
“This Panera Bread generated significant interest from private investors seeking a stable, cash-flowing asset with a long-term corporate ground lease,” said Mousavi. “Its strategic location as a pad to a Target, and across from CIM Group’s Montclair Place, made it especially attractive for 1031 exchange buyers looking for a management-free investment within a strong Southern California submarket.”
The property features a cutting-edge design and a drive-thru, enhancing its long-term value and operational efficiency. It is located at the signalized intersection of Central Avenue and Moreno Street, with excellent visibility and multiple points of ingress and egress.
As an outparcel to a top-performing Target-anchored shopping center that includes and other national retailers, the site benefits from strong consumer crossover traffic. It is also directly across from Montclair Place, a 1.2 million-square-foot indoor shopping mall that recently underwent extensive renovations.
This year, SRS Capital Markets has completed more than $1.2 billion in deal volume comprised of more than 350 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.