Record deal in Temecula
Newport Beach-based SRS Real Estate Partners’ National Net Lease Group brokered the $6.8 million sale of a retail property occupied by Raising Cane’s Chicken Fingers in Temecula.
Citing CoStar data, the firm said it was the highest price ever paid on a national basis for a Raising Cane property site at $1,728 per square foot.
SRS National Net Lease Group’s Managing Principals Patrick Luther and Matthew Mousavi represented the seller, Newport Beach-based Costanzo Investments. The buyer, a family trust out of Southern California, was represented by Steven Schechter of Marcus & Millichap.
The 3,935-square-foot Raising Cane’s was built in 2019 on 1.87 acres and includes a two-lane drive-thru. The chicken fingers restaurant is in a shopping center anchored by Lowe’s Home Improvement at the corner of Winchester Road and Margarita Road, one of the busiest intersections in the Inland Empire with approximately 88,960 vehicles passing by daily.