Panera Bread | Top-Tier Performer | NN Corporate Lease
Corporate NN Lease | 6.00% CAP | Lease Through 2033
Marketing description
NX3 Commercial Group is pleased to present the opportunity to acquire a corporate-guaranteed Panera Bread located at 3019 S Dirksen Parkway in Springfield, Illinois.
Panera Corporate assumed and extended the lease through December 31, 2033, reinforcing long-term commitment to this established location with over 20 years of operating history. The property operates under a double-net (NN) lease structure, limiting landlord responsibilities while providing stable and predictable cash flow.
Strategically positioned along South Dirksen Parkway—Springfield’s primary retail corridor—the asset benefits from strong visibility, national co-tenancy, and consistent regional consumer demand. Supported by state government employment, healthcare systems, and stable residential demographics, this location delivers durable income backed by a nationally recognized brand.
Investment highlights
CORPORATE-GUARANTEED LEASE WITH LONG OPERATING HISTORY
Panera, LLC provides a corporate guarantee with institutional credit strength. The tenant has operated at this location since 2004, and their decision to extend through December 2033—with two additional 5-year renewal options—demonstrates long-term commitment and operational confidence.
STRONG FOOT TRAFFIC SUPPORTED BY MIXED DEMAND DRIVERS
Located adjacent to the I-55/I-72 interchange, the property benefits from daily traffic generated by state government offices, convention centers, nearby hotels, and national retailers. These dynamics support consistent daytime and evening activity, ensuring diversified customer traffic.
PLACER.AI RANKING VALIDATES PERFORMANCE
This location ranks in the 82nd percentile nationally within Panera’s portfolio, according to Placer.ai. Consistent foot traffic and solid performance benchmarks reinforce this site’s status as a top-performing store within a competitive trade area.
10% RENT ESCALATIONS EVERY 5 YEARS
The lease includes fixed 10% rent increases, with the next escalation scheduled for January 2029. This provides a clear path to NOI growth while maintaining below-market rent levels, increasing the likelihood of tenant retention and long-term yield protection.
GOVERNMENT-ANCHORED MARKET WITH RECESSION RESILIENCE
As Illinois’s state capital, Springfield offers a stable economic base supported by 30,000+ government employees, along with educational institutions, regional healthcare providers, and a steady flow of visitors to its historical and cultural attractions. This unique blend of demand drivers enhances investment stability.
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