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12/15/25
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A 4k sf, single-tenant property occupied by Panera Bread in San Bernardino sold for $6.83 mil. Built in 2024, the property sits on 1.39 acres at 4268 N. Varsity Ave, adjacent to I-215 at University Pkwy.
The property has a 15-year absolute NNN lease with Panera Bread in place. The parcel also offers the buyer future income generated via a cell tower lease and a planned Tesla EV charging station.
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 mil. All told, the value of the sold assets is $9.595 mil.
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.
Patrick Luther and Matthew Mousavi with SRS Capital Markets represented the seller in the transaction. 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’ Nick Wirick was responsible for leasing both properties on behalf of Paragon.
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