Paragon Commercial Group Sells Panera Bread In San Bernardino For $6.83M With SRS Representing

A retail property located at 4268 North Varsity Avenue in San Bernardino has been sold for $6,830,000. The asset type is retail, with a square footage of 3,986 and a price per square foot of $1,713. The transaction features a newly built, single-tenant Panera Bread with a 15-year absolute NNN lease in place, sold at a 5.5% cap rate.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $6,830,000
• Square Footage: 3,986
• Price Per Square Foot: $1,713
• Address: 4268 North Varsity Avenue
• Market: San Bernardino
• Seller: Paragon Commercial Group
• Buyer: California-based all-cash investor
• Broker: Patrick Luther & Matthew Mousavi - SRS Real Estate Partners

The deal saw Paragon Commercial Group as the seller and involved the representation by brokers Patrick Luther and Matthew Mousavi from SRS Real Estate Partners. This transaction follows Paragon's earlier sale of a nearby Dutch Bros. ground lease for $2.765 million in July 2025, leading to total breakup-sale proceeds amounting to $9.595 million.