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June 23, 2024
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Barstow Raising Cane’s Trades at a 4.3% Cap Rate


A Los Angeles-based 1031 exchange investor paid $5.49 mil for the ground lease purchase of a 3.3k sf retail property occupied by Raising Cane’s in Barstow. The asset, located at 2620 Fisher Blvd, traded at a cap rate of 4.3%, in a deal we’re told marks the lowest cap rate and highest price paid for a single tenant quick-service-restaurant (QSR) ever in the City of Barstow (per CoStar).

Situated on 1.25 acres, the property includes a double drive-thru, was built in 2020 and opened for business in May 2021. The asset has a new, 15-year corporate-guaranteed ground lease in place, providing the buyer with a stabilized investment and no landlord responsibilities.

Raising Cane’s is located along Lenwood Rd and is near the on/off ramp of Interstate 15. Nearby tenants include The Home Depot, Tractor Supply Co, McDonald’s, and Starbucks among others. It is also .75 miles north of The Outlets at Barstow.

SRS NNLG’s Managing Principals Matthew Mousavi and Patrick Luther represented the seller, Starboard Realty Advisors. The buyer was repped by Pablo Rodriguez of Newmark.

“Barstow is a famous stop for travelers along the 15 freeway and this store has already experienced overwhelming success,” noted Mousavi. “Additionally, given the increased traffic locally from travelers going to and from Las Vegas and Southern California, this site benefited from its visibility and frontage along I-15.”

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