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7/18/25
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A California 1031 exchange investor purchased the ground lease of a 4k sf Panera Bread property in the Inland Empire city of Montclair for $5.73 mil ($1,432/sf). We’re told that this represents the highest price point and per square foot price in the country this year for a single-tenant net-leased Panera.
Built in 2014, the Panera Bread sits on 0.28 acres at 5212 Moreno St, north of I-10. The property is secured by a corporate-guaranteed ground lease with 15 years remaining.
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 Ave and Moreno St, 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 msf indoor shopping mall that recently underwent extensive renovations.
Patrick Luther and Matthew Mousavi with SRS Real Estate Partners represented the seller, a SoCal- and Arizona-based developer. The buyer was repped by Compass Commercial. The closing cap rate was 5.04% and new financing was placed on the property during the acquisition.
“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.”
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