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Panera Bread Ground Lease

$2,860,000

1811 East Main Street, Spartanburg, SC 29307

Active
Last Updated: 02/25/2026

5

Cap Rate

143,000

NOI

Details:
Cap Rate:    5%
NOI:    $143,000
Building Size:    4,300 sqft
Lot Area:    1.56 acres
Year Built:    1998
Highlights:
  • Relocation Panera Bread Ground Lease | Demonstrating Long-Term Commitment/Upgraded Real Estate Positioning
  • Just Under 9 Years Remaining | Absolute NNN Ground Lease – Long-Term Passive Income Stream with Zero Landlord Responsibilities
  • Scheduled 10% Rent Increases Every Five Years Enhancing Forward Yield | Next Increase Effective 12/31/2029
  • Corporate Backed Lease – Panera, LLC – 2,200+ Locations
  • Outparcel To Dominant Retail Corridor – Hard Corner Signalized Intersection Location Positioned Along E. Main Street (27,100+ VPD), Drayton Rd (23,060+ VPD), And S 494 (8,527+ VPD) Within One of Spartanburg’s Primary Retail Arteries
  • Modern 4,300 SF Prototype On 1.56 Acres – Ample Parking, Drive-Thru Equipped, Strong Visibility, And Contemporary Store Design
  • Located In Rapidly Growing Spartanburg MSA – Part of the Greenville-Spartanburg Upstate Region, Benefiting From 2.5% Projected Population Growth | 5-Mile Population Exceeds 82,252
Description:

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Spartanburg, located in the dynamic Upstate region of South Carolina, has emerged as one of the fastest-growing metropolitan areas in the United States, with its metropolitan population expanding approximately 2.7–2.9% between 2023 and 2024, making it among the top 10 fastest-growing U.S. metros for the second consecutive year. Spartanburg County alone added more than 10,500 new residents in that period, with long-term trends showing consistent annual increases driven by domestic migration, birth rates, and overall regional attractiveness.

Economic growth in Spartanburg is underpinned by a diversified industrial and employment base. The region remains anchored by major global employers such as BMW Manufacturing Co., which operates the largest BMW assembly plant worldwide, while sectors such as manufacturing, healthcare, logistics, professional services, and retail support broad employment opportunities. Employment growth has been notable, with Spartanburg adding thousands of jobs over recent years and maintaining a low unemployment rate relative to state averages, reflecting strong labor demand and economic resilience.

Economic Strengths:

Strategic Location & Infrastructure:
Spartanburg’s geographic location at the junction of Interstate 85 and Interstate 26 provides critical access to major Southeast markets, facilitating efficient logistics and distribution networks. The proximity to the Greenville-Spartanburg International Airport and access to major ports enhance its appeal for industrial and corporate investment.

Capital Investment & Development Activity:
Robust capital investment has transformed Spartanburg’s urban and economic landscape. Downtown revitalization and development projects totaling well over $1.7 billion have generated tens of thousands of jobs and spurred growth in office, residential, hospitality, and mixed-use sectors. These initiatives have contributed to rising hotel performance metrics and broader economic output, supporting both local businesses and regional tourism appeal.

Industry Diversity & Workforce:
Beyond automotive manufacturing, Spartanburg has attracted a range of advanced manufacturing, technology, logistics, and professional services firms. A diverse economic base helps mitigate sector-specific downturns, while local educational institutions and workforce development partnerships continue to strengthen the talent pipeline, enhancing long-term competitiveness.

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