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NNN Panera Bread for Sale
Panera Bread is a St. Louis-born bakery-café chain with 2,254 locations across the U.S. and Ontario, privately held and not rated by S&P. New Panera leases typically run 15 years with 10% rent increases every five years, and asking cap rates range from 5.25% – 6.65% depending on the term left (The Boulder Group, September 2026). Here is how the tenant, the lease and the pricing fit together before you buy.
Not rated
S&P credit rating
2,254
Locations
15 Years
Typical lease term
10%
Increase every 5 years
3,900 – 5,000 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026 (building size range); QSR Magazine (location count as of June 2, 2026).
Key Takeaways
Tenant & Credit Profile
Panera Bread is privately held and not rated by S&P. JAB Holding bought it in 2017 (Restaurant Business). It runs 2,254 company-owned and franchised locations, so who signs the lease matters.
Typically Triple Net Leases
Most Panera leases are triple net with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026; Matthews, 2026). Confirm who handles the roof and structure, because the reports list the lease type but not those responsibilities.
Asking Cap Rates
Panera properties currently show asking cap rates of 5.70% – 6.00% with 10 years remaining and 5.25% – 5.55% for a new 15-year lease (The Boulder Group, September 2026).
Recent Closed Sales
Matthews tracked 18 Panera sales in 2025 at average cap rates of 5.36% and 5.42% in the two halves, and 8 sales in 2026 at 6.28% (Matthews, 2026 Net Lease Tenant Report).
Panera Bread NNN Cap Rates and Lease Data
If you’re weighing a Panera property, three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here’s how they fit together.
On the first two, the picture is mixed. Panera is privately held and not rated by S&P, so there is no public credit rating to lean on. New leases typically run 15 years with a 10% rent increase every five years.1 That works out to about 2% a year, so rent growth does more of the work here than it does on a lease with 5% bumps.
That’s where cap rates come in. Boulder shows asking cap rates of 5.25% – 5.55% on a new 15-year lease, 5.70% – 6.00% with 10 years left, and 6.35% – 6.65% with 5 years left.2 As the remaining term gets shorter, the yield goes up, because you’re being paid to take on the question of whether Panera renews.
Closed sales add some color. Matthews counted 10 Panera sales in the first half of 2025 at an average cap rate of 5.36% and 8 in the second half at 5.42%, each with roughly 12 to 13 years of term left. The 8 sales so far in 2026 averaged 6.28% with about 10 years left.3 That is a noticeably higher number, but eight deals is a small sample, so read it as something to watch rather than a trend.
In dollars, Boulder puts the average sale price at about $3.2 million with average rent of about $175,000 a year. On a typical 5,000 SF building, that works out to roughly $637 per square foot.4
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 59, and Matthews, 2026 Net Lease Tenant Report, May 2026, p. 24. Boulder lists Panera as privately held and not rated; Matthews shows the credit rating as N/A. Both report a typical 15-year term with 10% increases every 5 years. The 2% a year figure is our calculation (10% over five years, compounded). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 59. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 24. Average cap rate and average term remaining on closed transactions: 10 sales in the first half of 2025 (5.36%, 12 years), 8 in the second half (5.42%, 13 years) and 8 in 2026 year to date (6.28%, 10 years). ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 59. Average sale price ($3,185,000) and average rent ($175,000) as reported by Boulder; the per-square-foot figure is our calculation ($3,185,000 ÷ 5,000 SF, about $637). Matthews lists a typical size of about 3,900 SF and average rent of $185,000, so actual figures will vary by building. ↩
Panera Bread as a Tenant
How Panera operates
Panera started in 1987 as the St. Louis Bread Company and took the Panera name ten years later. It is a fast-casual bakery-café chain with 2,254 company-owned and franchised locations in 48 states, Washington, D.C. and Ontario, Canada, as of June 2, 2026 (QSR Magazine).
Panera has been privately held since JAB Holding bought it in 2017 for about $7.5 billion (Restaurant Business), and it sits alongside Caribou Coffee and Einstein Bros. Bagels under the Panera Brands umbrella (Trade & Industry Development). Because it is private, there are no public financial statements to review, which is why the lease terms and the guarantor matter more than they would with a rated public company.
Panera is in the middle of a multi-year turnaround plan it calls RISE, covering the menu, value, service and expanding its footprint. It has also announced a move of its headquarters from the St. Louis area to Weston, Massachusetts, with the new offices opening in July 2027 (QSR Magazine).
Financial strength and growth
Panera does not publish results, and neither report gives it a credit rating: Boulder lists it as not rated, and Matthews shows N/A for both rating and market cap (The Boulder Group, September 2026; Matthews, 2026 Net Lease Tenant Report, p. 24).
The footprint has grown slowly. Panera reported 2,120 bakery-cafés on June 30, 2021 (Food Business News) and 2,254 locations on June 2, 2026, a net gain of 134 over about five years, or roughly 6% by our math.
On the real estate side, Matthews tracked 29 Panera properties on the market with an average asking cap rate of 5.43% and about 11 years of lease remaining (Matthews, 2026 Net Lease Tenant Report, p. 24).
Why Investors Buy Panera Bread Properties
Panera offers a well-known name and a long lease, with the trade-off that you are underwriting a private company with no credit rating. Leases typically run 15 years with 10% increases every five years, so the rent steps up twice as fast as the 5% increases on a typical Dollar General lease in the same Boulder report (The Boulder Group, September 2026).
Pricing sits in the middle of the restaurant group. With 10 years remaining, The Boulder Group’s September 2026 asking range of 5.70% – 6.00% compares with 6.15% – 6.50% for Starbucks, 5.45% – 5.75% for Chipotle and 4.50% – 4.80% for McDonald’s.
The average Panera sells for about $3.2 million with about $175,000 in annual rent (The Boulder Group), and the 10% increases mean that rent is scheduled to climb every five years. Before you buy, get the full rent schedule and confirm who handles the roof and structure, since the reports list the lease type but not those responsibilities.
Risks and Market Conditions
Panera is privately held with no S&P rating, so you can’t lean on a public credit profile or published financials. Its locations are both company-owned and franchised, which means the entity signing the lease, and any guarantee behind it, can differ from store to store. Ask who the tenant and guarantor are before you underwrite a specific property.
Pricing is also worth watching. Matthews’ 2026 closed sales averaged 6.28%, up from about 5.4% in 2025, though on a small number of deals (Matthews, 2026 Net Lease Tenant Report, p. 24). Panera is also mid-turnaround and mid-move on its headquarters, so keep an eye on how that plays out for store performance and the franchise system.
Build a Diversified NNN Portfolio
Pairing a Panera Bread with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Panera Bread NNN FAQs
How are Panera leases structured?
Panera leases are typically triple net with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026; Matthews, 2026). The reports list the lease type but not who is responsible for the roof and structure, so confirm that in the lease for any property you consider.
What cap rate do Panera properties trade at?
Boulder’s September 2026 asking cap rates are 6.35% – 6.65% with 5 years remaining, 5.70% – 6.00% with 10 years remaining and 5.25% – 5.55% for a new 15-year lease. Matthews’ closed sales averaged 5.36% in the first half of 2025, 5.42% in the second half and 6.28% in 2026 so far.
What does a Panera cost?
Boulder reports an average sale price of about $3.2 million with average rent of about $175,000 a year, and Matthews lists average rent of $185,000. Pricing varies with location, remaining term and the lease guarantor.
What are the main risks?
Panera is privately held and not rated by S&P, and its locations are a mix of company-owned and franchised. Review who signs the lease and what guarantee stands behind it, along with the rent schedule and renewal options.
Questions about NNN Panera Bread Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.