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2/14/25
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A 1031 exchange investor out of Washington paid $6.84 mil in the ground lease (land ownership) sale of a 128.5k sf Raising Cane’s in Riverside. The 3.3k sf property sits on 1.29 acres at 4100 Central Ave.
Built in 2024, the property has a corporate-guaranteed, absolute triple net 15-year ground lease in place. The transaction closed at a cap rate of 4.75%.
The property is one-mile from the 91 Freeway and is near UC Riverside, Riverside City College and several other schools and has a combined resident/employee population of more than 400,000 within a five-mile radius. Raising Cane’s is near Riverside Plaza, a 465k sf shopping center with a favorable mix of national retail tenants, creating an ideal customer crossover draw.
Patrick Luther and Matthew Mousavi with SRS Capital Markets represented the seller, a Southern California-based developer.
“Acquiring this Inland Empire Raising Cane’s property provided the passive buyer with a strategic investment opportunity due to its prime location, strong brand presence, and consistent consumer demand. Situated in a high-traffic area with excellent visibility and accessibility, the property benefits from the fast-casual dining sector’s resilience and growth,” said Mousavi.
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