SRS Real Estate Partners announced today the $6.84 million ground lease (land ownership) sale of a Raising Cane’s property located at 4100 Central Avenue in Riverside, Calif. Situated on 1.29 acres, the 3,267-square-foot property was built in 2024 and has a corporate-guaranteed, absolute triple net 15-year ground lease in place.
SRS Capital Markets Senior Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a Southern California-based developer. The 1031 exchange buyer was a private investor from Washington. The closing cap rate was 4.75%.
“Acquiring this Inland Empire Raising Cane’s property provided the passive buyer with a strategic investment opportunity due to its prime location, strong brand presence, and consistent consumer demand. Situated in a high-traffic area with excellent visibility and accessibility, the property benefits from the fast-casual dining sector’s resilience and growth,” said Mousavi.
“This asset secured competitive offers and sold for a strong price point,” added Luther. “Raising Cane’s is near Riverside Plaza, a 465,000-sf shopping center with a favorable mix of national retail tenants, creating an ideal customer crossover draw.”
The property is one mile from the 91 Freeway and is near UC Riverside, Riverside City College and several other schools and has a combined resident/employee population of more than 400,000 within a five-mile radius.
Nationally, SRS Capital Markets has recently sold 17 Raising Cane’s assets with a cumulative value of just over $84 million. Additionally, it currently has seven properties on the market with a total asking price of $27 million in California, New Mexico, Massachusetts, Tennessee and Florida
In 2024, SRS Capital Markets completed approximately $2.5 billion in deal volume comprised of more than 600 transactions in 45 states. SRS currently has in excess of 740 properties actively on the market with a market value surpassing $3.5 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.