Panera Bread Expands L.A. Footprint

CULVER CITY, CA—Panera Bread has signed its first lease in Culver City, GlobeSt.com reports exclusively. The location will be a corporate-owned retail storefront, located in the Studio Village Center at 10990 Jefferson Blvd. The lease illustrates Panera Bread's expansion in the L.A. market.

"We have been looking in Culver City for about five to seven years for the right location,” Matthew Adamczyk, VP at Kennedy Wilson, tells GlobeSt.com. “Culver City has a strong daytime population with entertainment, design and creative industries, and has some of L.A.'s top restaurants. It is a great marketplace for Panera Bread. We just needed to find the right location, and we have found one now.” Adamczyk represented Panera Bread in the transaction, and has been working with the company during its Culver City search. 

According to the broker, the Culver City submarket was important to the company's expansion plans. The brand also has a location under construction in Beverly Hills. “Panera Bread's expansion plans in Los Angeles are derived from their analysis of the market. They are looking for locations that meet their criteria,” Adamczyk says. That criteria includes a 4,000 to 5,000-square-foot buildings in an area with strong daytime demographics. The company also prefers a grocery or major-tenant-anchored shopping center.

The Studio Village Shopping Center is 100% leased to several major retail tenants including a T.J. Maxx, Rite Aid, Toys 'R' Us, Pier 1 Imports, PetSmart and Anna's Linens. Panera Bread will occupy 5,100 square feet in the center, and has signed a 10-year lease.

Panera Bread isn't the only company moving into town. The submarket has had an influx of creative office tenants setting roots in Culver City, which are helping to drive rents up.