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9/22/20
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A 3.9k sf, single-tenant retail property occupied by Raising Cane’s in Temecula sold for $6.8 mil, in a deal we’re told is the highest price ever paid on a national basis for a Raising Cane’s-leased asset ($1,728/sf - per CoStar).
Build in 2019, the property features a two-lane drive-thru. It is situated on 1.87 acres at 40390 Margarita Rd, in a shopping center anchored by Lowe’s Home Improvement. The property sits at the corner of Winchester Rd and Margarita Road, one of the busiest intersections in the Inland Empire with approximately 88,960 vehicles passing by daily.
Patrick Luther and Matthew Mousavi with SRS National Net Lease Group represented the seller, Newport Beach-based Costanzo Investments LLC. The buyer, a family trust out of Southern California, was repped by Steven Schechter of Marcus & Millichap.
“This is a significant sale for a quick service restaurant (QSR) in California, and specifically within the Inland Empire,” said Mousavi. “The popular tenant brand, essential use category, prime location within Temecula and the fact that Raising Cane’s just signed a new 15-year triple-net lease, were all key selling points that attracted an abundant buyer pool.”
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