SRS Real Estate Partners and Hanley Investment Group completed the sale of a new-construction, single-tenant Raising Cane’s Chicken Fingers quick-service restaurant with a drive-thru located in Anaheim, CA. The $5-million sale price for the absolute triple-net ground lease, represents a 4% cap rate, the lowest-cap rate on record for the sale of Raising Cane’s in the U.S.
Hanley Investment Group’s Bill Asher and Jeremy McChesney represented the buyer, an unnamed Los Angeles-based private investor. SRS Real Estate Partners’ Patrick Luther and Matthew Mousavi represented the seller, Manhattan Beach, CA-based Calbay Development LLC.
The new, freestanding 3,233-square-foot restaurant opened in August, and is situated on 0.93 acres at 223 S. Euclid Ave. The restaurant is located at the signalized entrance to a Target-anchored shopping center near the Interstate 5 freeway on/off-ramp.