IE Business Daily Business news for the Inland Empire.
A retail property in Montclair occupied by a Panera Bread restaurant has been sold for $5.7 million.
The 3,950-square-foot parcel at 5212 Moreno St. sold for $1,451 per square foot, reportedly the most paid per square foot for a Panera-occupied site this year, according to a statement released by SRS Real Estate Partners.
The seller was a developer who does business in Southern California and Arizona, the buyer a California investor. Both parties wished to remain anonymous.
“This [property] generated significant interest from private investors seeking a stable, cash-flowing asset with a long-term corporate ground lease,” said Matthew Mousavi, senior managing principal with SRS, in the statement. “Its location near a Target, and across from Montclair Place, made it especially attractive.”
Panera has 15 years remaining on its lease, according to SRS.
Dallas-based SRS has more than 845 properties on the market worth a combined $3.7 billion, according to the statement.
