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7/22/24
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A single-tenant, net lease property occupied by Raising Cane’s Chicken Fingers Drive-Thru in Carson sold for $7.53 mil, representing a cap rate of 4.65%. The buyer was an Orange County investor completing a 1031 exchange.
The 3k sf ($2,510/sf) Raising Cane’s building, constructed in 2021, sits on a 0.73-acre parcel at 20707 Avalon Blvd in Carson. It is located directly across from the South Bay Pavilion Mall and is a half-mile from the 405 Freeway on/off-ramp.
George Felix and Dan Blackwell with CBRE represented the buyer in the deal. The seller was a private investor from Los Angeles County.
Blackwell stated, “This is the second property acquisition we've facilitated for this repeat client in 2024. Earlier this year, we assisted the buyer in acquiring La Pat Courtyard Apartments, a 30-unit turnkey multifamily property in Westminster, California, for $10 mil."
Felix added that the buyer, who had recently sold two assisted living facilities, wanted to increase his cash flow. “The purchase of the Raising Cane’s absolute ground lease completed the buyer’s 1031 exchange. An absolute triple-net ground lease means that the tenant is responsible for all property taxes, insurance and maintenance,” explained Felix. “The lease, backed by a corporate guarantee, has 12 years remaining on its initial term and includes 10% rental increases every five years. The buyer closed escrow within 60 days.”
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