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2/28/18
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A Redondo Beach-based private investor paid $5.48 mil for a ground-leased Raising Cane’s property in Laguna Hills. According to Costar, the transaction is the first sale of a single-tenant Raising Cane’s in California.
The property is located at 23971 El Toro Rd, directly off the 405 Fwy. The quick-service restaurant is strategically positioned directly across El Toro Rd from the heavily trafficked, 876k sf Laguna Hills Mall.
Shaun Riley with Faris Lee Investments represented the buyer in the deal. Adam Friedlander, Matthew Berres and Scott Bailey of JLL represented the seller, a private investor from Valencia, CA. The transaction closed at a cap rate of 4.20%.
“This trophy asset, built in 2016, is a long-term ground lease with favorable rental increases every five years,” said Riley. “There is strong intrinsic value to the real estate. It is adjacent to the Laguna Hills Mall, which will soon be renamed Five Lagunas, and is planned to be redeveloped into a Class A mixed-use/lifestyle center.”
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