SRS Real Estate Partners announced today it has completed the $2.6 million ground lease (land ownership) sale of a newly developed Raising Cane’s Chicken Fingers drive-thru restaurant property located at 3601 Broadway Street in Quincy, Illinois. The 3,062-square-foot asset is situated on just under one acre of land.
SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a Chicago-based merchant developer. SRS Capital Markets Vice President Alexander Moore represented the buyer, a private investor from Sacramento.
“Raising Cane’s is an extremely popular and growing brand across the United States. This ground lease opportunity was ideal for the buyer as it offered zero landlord responsibilities and scheduled rental increases over the 15-year term,” said Moore.
The property is an outparcel to Target and is directly across the street from Quincy Commons Shopping center, a Hobby Lobby-anchored shopping mall with other national brands including Hy-Vee, Panera Bread, and Taco Bell, among others.
Year to date, SRS Capital Markets has completed approximately $1.5 billion in deal volume comprised of more than 415 transactions in 45 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3.2 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.