SRS Real Estate Partners’ national net lease group recently completed the $8.2 million sale of a Raising Cane’s Chicken Fingers-occupied property located at 1857 S. Tippecanoe Ave. in San Bernardino. This transaction set sales records as the highest price for a Raising Cane’s property sold to date on a national basis and the highest price for any quick service restaurant (QSR) in San Bernardino County, according to CoStar.
The buyer, a private high net-worth investor based in San Diego, paid all cash and was represented by Jim Casale of Lee & Associates. SRS’ Matthew Mousavi and Patrick Luther represented the seller and developer, an affiliate of Red Mountain Group, a national retail owner based in Orange County, CA.
“SRS is pleased to secure more than $2,006-per-square-foot on this asset, not only setting regional per-square-foot records, but also securing the highest price point ever for a Raising Cane’s-occupied property. This is a testament to the high-profile nature of the property and another quality project developed by Red Mountain,” said Mousavi. “This asset is one of the highest performing QSRs in the San Bernardino region with over 360,000 visits annually. We aggressively marketed this property and garnered a number of highly competitive offers, ultimately selecting a non-1031 all-cash investor. This record-breaking transaction is significant as it shows the strength of the growing San Bernardino market as well as this highly popular restaurant brand in Raising Cane’s.”
Built in 2017, the 4,086-square-foot property with drive-thru is situated on 1.24 acres near the Interstate 10 on/off ramp. Raising Cane’s has more than 11 years remaining on its absolute triple-net lease.