SRS Real Estate Partners announces the $6.83 million sale of a single-tenant property occupied by Panera Bread located at 4268 N. Varsity Avenue in San Bernardino, Calif. Built in 2024 and situated on 1.39 acres, the 3,986-square-foot property has a 15-year absolute triple net lease in place. This is the second parcel of a break-up strategy SRS has executed on behalf of Paragon Commercial Group – the first being the sale of a Dutch Bros. Coffee property that was sold in July 2025 for $2.765 million. All told, the value of the sold assets is $9.595 million.
SRS Capital Markets’ Senior Managing Principals Patrick Luther and Matthew Mousavi represented the seller. The buyer was a California-based investor who paid all cash. At a 5.5% cap rate, and a price per square foot of $1,404, the transaction marks the second highest nationwide price point for a Panera property sold year-to-date. SRS Senior Vice President & Principal Nick Wirick who is out of the firm’s Inland Empire office was responsible for leasing both properties on behalf of Paragon.
“This is another successful transaction showcasing collaboration of SRS teams to maximize value for our clients – first by leasing up the spaces and then by selling the assets,” said Mousavi. “SRS maximized value via the break-up sales, garnering multiple offers and securing all-cash investors. Additionally, the Panera Bread parcel offers the buyer future income generated via a cell tower lease and a planned Tesla EV charging station. Ultimately, this was yet another high-quality project by Paragon and we are pleased with the outcome for all parties.”
In July 2025, SRS completed the $2.765 million ground lease (land ownership) sale of a single-tenant net-leased (STNL) Dutch Bros. Coffee property located at 4236 North Varsity Avenue in San Bernardino, Calif. The transaction closed at a 4.52% cap rate, marking one of the lowest cap rates for a Dutch Bros. STNL property nationwide this year. Situated on 1.09 acres, the 950-square-foot Dutch Bros. location was newly constructed in 2024 and is under a corporate-guaranteed ground lease with approximately 15 years of term remaining.
Both assets have strong crossover traffic from nearby national retailers including McDonald’s, Starbucks, and the Ralphs and LA Fitness-anchored University Town Center. Additionally, California State University, San Bernardino is just two miles away. The surrounding area boasts more than 259,000 residents and approximately 51,600 employees within a five-mile radius.
This year, SRS Capital Markets has completed more than $2.2 billion in deal volume comprised of more than 650 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.
About Paragon Commercial Group
Based in El Segundo, California, Paragon Commercial Group is a premier commercial real estate firm specializing in the acquisition, development, and repositioning of retail properties. Focused on high-quality, tenant-driven neighborhood and community centers in high-barrier-to-entry markets throughout California, the firm leverages institutional experience to execute complex value-add strategies. Driven by a principal-led approach, Paragon is dedicated to transforming underutilized real estate into vibrant assets that serve the daily needs of local communities while delivering superior risk-adjusted returns.