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2/18/22
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A 3.6k sf, single-tenant Raising Cane’s in Phoenix, AZ, traded for $9 mil, or $2,500/sf. The sale came in at a 3.72% cap rate, setting price and cap rate records for a Raising Cane’s, we’re told.
Built in 2018, the property is located on a large lot at 5850 N. 7th St. The store, one of the highest-performing Raising Cane’s in the state, is situated just outside of affluent neighborhoods Bethany Estates and Palo Verde Estates.
Neil Naran of The Naran Group of Marcus & Millichap represented the seller. Ron Duong and Craig Elster with The Duong Investment Group of Marcus & Millichap procured the buyer.
“This was the fifth Raising Cane’s transaction our team completed over the past six months, setting multiple price and cap rate records along the way,” noted Duong. “Demand within the fast-food retail market remains very strong, with steady sources of income and growth. Raising Cane’s is expected to open approximately 100 new stores across 10 new markets in 2022.”
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