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December 14, 2019
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ORANGE COUNTY NEWS
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New Raising Cane’s Ground Lease in Orange County Acquired for $5 Mil

10/02/19

An LA-based private investor paid $5 mil for a 3.2k sf, new-construction, single-tenant Raising Cane’s Chicken Fingers quick-service restaurant with a drive-thru in Anaheim. The deal for the absolute NNN ground lease came in at a 4% cap rate, the lowest-cap rate on record for the sale of Raising Cane’s in the U.S.

The Raising Cane’s opened on August 27, 2019 and is situated on 0.93 acres at 223 S. Euclid Ave, between Lincoln Ave and W. Broadway. The restaurant is located at the signalized entrance to a Target-anchored shopping center near the Interstate 5 freeway on/off-ramp. There are more than 711,000 people and over 29,000 total businesses in a five-mile radius.

Founded by Todd Graves in 1996 in Baton Rouge, Louisiana, Raising Cane’s Chicken Fingers has more than 453 restaurants in 27 states, Bahrain, Kuwait, Lebanon, Saudi Arabia and the United Arab Emirates with multiple new restaurants under construction. The company has ONE LOVE®—quality chicken finger meals—and is continually recognized for its unique business model and customer satisfaction. Raising Cane’s vision is to have restaurants all over the world and be the brand for quality chicken finger meals,

Bill Asher and Jeremy McChesney with Hanley Investment Group represented the buyer in the deal. Patrick Luther and Matthew Mousavi with SRS Real Estate Partners’ National Net Lease Group repped the seller, Calbay Development LLC of Manhattan Beach.





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