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SOUTHERN CALIFORNIA NEWS
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Sale of Ground Lease for Single-Tenant Retail Property in Alhambra Closes at 3.75% Cap Rate

10/14/22

The ground lease for a 4k sf, single-tenant property occupied by Raising Cane’s Chicken Fingers in Alhambra has traded hands in a deal worth $8.2 mil. At a 3.75% cap rate, the sale broke a record for the lowest cap rate for a Raising Cane’s-occupied property sold in California this year, according to CoStar.

The newly developed property, sitting on 1.39 acres at 1300 E. Valley Blvd, is based on Raising Cane’s latest prototype design. The property, which features a double drive-thru and includes a 704 sf outdoor patio area, opened for business in June 2022.

The property is highly visible, includes a large pylon sign, is well-located at the signalized intersection of Valley Blvd and S. New Ave, and benefits from off/on ramp access to Interstate 10. Combined, there are approximately one million residents and employees within a five-mile radius of the property.

Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the seller, Los Angeles-based SBH Real Estate Group. The buyer, a SoCal-based private investor, was repped by Voit. Additionally, Ben Townsend and Matt Marlin of SRS’ Debt and Equity Group procured the financing on the buyer’s behalf.

“This asset provides the buyer with zero landlord responsibilities and a long-term corporate-guaranteed lease with one of the nation’s most popular chicken specialty restaurants,” said Mousavi. “Selling at a record low cap rate and at a price per sf of $2,072, this transaction is testimony to buyer demand for well-located, single-tenant net leased asset opportunities despite elevating interest rates.”




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