SRS Real Estate Partners closed the $6.84-million ground lease sale of a Raising Cane’s property located at 4100 Central Ave. in Riverside. Situated on 1.29 acres, the 3,267-square-foot restaurant 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, a private investor from Washington, was represented by Brian Quinn and Bryan Cunningham of JLL. 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,” said Mousavi. “Situated in a high-traffic area with excellent visibility and accessibility, the property benefits from the fast-casual dining sector’s resilience and growth.”

Beta Agency SVP Adam Friedlander represented the seller of a Raising Cane’s Restaurant located in Carson. The sale price was $7,525,000. The undisclosed buyer was a private California investor in a 1031 exchange.

Friedlander said, “The sale of the Raising Cane’s in Carson represents the highest-priced sale of a fast-food restaurant in California to trade this year. In addition, this is only one of three Raising Cane’s leased investments to trade in California in 2024. Selling a high-rent NNN investment at a low cap rate is a difficult task given existing market conditions. We are very pleased with the results.”

Built in 2022, the 2,950-square-foot restaurant is occupied in a 12-year, triple-net lease. Located directly across from the 1.1-million-square-foot South Bay Pavilion Mall, the property benefits from a dense surrounding demographic and significant vehicular traffic, according to Beta Agency.

Hanley Investment Group Real Estate Advisors arranged the sale of a new-construction, single-tenant property occupied by a Raising Cane’s Chicken Fingers Drive-Thru restaurant in Imperial Beach, . The sale price in this off-market transaction was $5.7 million. 

EVPs Bill Asher and Jeff Lefko represented the developer and seller, Palm Avenue 111 Partners, LLC of Encinitas. The buyer, a family trust based in Northern California, was represented by Scott Ketchum in Newport Beach.

“We procured an all-cash California-based 1031 exchange buyer specifically seeking an absolute triple-net quick serve drive-thru investment in California,” said Asher. “We secured the buyer within their 1031 exchange identification period, opened escrow shortly after Raising Cane’s opened for business and closed the transaction in 40 days.”  

Hanley Investment Group Real Estate Advisors arranged the sale of a new-construction, single-tenant Raising Cane’s Chicken Fingers Double Drive-Thru restaurant within Santa Maria’s Enos Ranch mixed-use development for $5.1 million.  

VPs Alexander Moore and Sean Cox, along with EVP Kevin Fryman, represented the seller, College West Partners, L.P. of Tustin, and the buyer, a private investor based in Los Angeles.   

“We closed escrow within 62 days from our listing date while eight other single-tenant Raising Cane’s were on the market in California,” said Moore. “We procured a direct all-cash investor with short due diligence and closing time frames who owned multiple Rasing Cane’s restaurants in California and was not in a 1031 exchange.” 

Cox added, “Single-tenant QSR drive-thrus leased to national corporate tenants continue to experience the highest demand from net lease investors in today’s market.”