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3019 S Dirksen Pky 4,980 SF Retail Building Springfield, IL 62703 $3,234,942 CAD ($649.59 CAD/SF) 5.75% Cap Rate
Investment Highlights
- Corporate-guaranteed lease | Panera operating since 2004 | Recently extended through Dec 2033 with two additional 5-year renewal options
- Placer.ai ranks location in the 82nd percentile nationally within Panera’s portfolio | Strong foot traffic and top-performing store
- Illinois capital market | 30,000+ government employees | Stable economy supported by healthcare, education, and tourism
- Prime location near I-55/I-72 interchange | Traffic from government offices, hotels, convention centers, and national retailers
- 10% rent increases every 5 years | Next escalation January 2029 | Built-in NOI growth and long-term yield protection
- Drive-Thru Equipped Panera | Operating at This Location Since 2004 | Proven Long-Term Performance and Established Customer Base
Executive Summary
This Panera Bread, located at 3019 S Dirksen Parkway in Springfield, Illinois, represents a high-quality single-tenant net lease investment backed by a corporate
guarantee from Panera, LLC. With 20+ years of operating history and consistent lease renewals—including the most recent extension through December 2033—this
asset reflects Panera’s enduring confidence in the site’s performance and strategic market relevance.
Positioned at the key interchange of Interstate 55 and Interstate 72, the property sits within one of Springfield’s most active commercial and government corridors. It
draws from a robust customer base of government employees, travelers, and hotel guests, as well as adjacent retail traffic from the Capital City Shopping Center and
nearby national tenants. The surrounding trade area benefits from major traffic drivers including state agencies, convention centers, and regional healthcare hubs.
The ±4,980 SF building on ±0.92 acres features a drive-thru, supports multiple income streams, and benefits from strong visibility and access along a corridor with
12,941 vehicles per day (VPD). Combined with built-in 10% rent increases every five years, long-term tenancy, and minimal landlord responsibilities, this property offers
secure income in a recession-resistant market anchored by the state capital’s institutional presence.
guarantee from Panera, LLC. With 20+ years of operating history and consistent lease renewals—including the most recent extension through December 2033—this
asset reflects Panera’s enduring confidence in the site’s performance and strategic market relevance.
Positioned at the key interchange of Interstate 55 and Interstate 72, the property sits within one of Springfield’s most active commercial and government corridors. It
draws from a robust customer base of government employees, travelers, and hotel guests, as well as adjacent retail traffic from the Capital City Shopping Center and
nearby national tenants. The surrounding trade area benefits from major traffic drivers including state agencies, convention centers, and regional healthcare hubs.
The ±4,980 SF building on ±0.92 acres features a drive-thru, supports multiple income streams, and benefits from strong visibility and access along a corridor with
12,941 vehicles per day (VPD). Combined with built-in 10% rent increases every five years, long-term tenancy, and minimal landlord responsibilities, this property offers
secure income in a recession-resistant market anchored by the state capital’s institutional presence.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
4,980 SF
Building Class
C
Year Built
2004
Price
$3,234,942 CAD
Price Per SF
$649.59 CAD
Cap Rate
5.75%
NOI
$185,963 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.12
Lot Size
0.92 AC
Parking
54 Spaces (10.84 Spaces per 1,000 SF Leased)
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 22-12.0-301-032 | Improvements Assessment | $245,167 CAD |
| Land Assessment | $225,996 CAD | Total Assessment | $471,163 CAD |
Property Taxes
Parcel Number
22-12.0-301-032
Land Assessment
$225,996 CAD
Improvements Assessment
$245,167 CAD
Total Assessment
$471,163 CAD
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3019 S Dirksen Pky
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