A brand-new construction, 3.2k sf single-tenant Raising Cane’s Chicken Fingers Double Drive-Thru restaurant in Santa Maria sold for $5.1 mil, or $1,608/sf. The property is within Enos Ranch, considered to be Santa Maria’s premier retail destination.
Built in 2022 on a 0.80-acre pad, the Raising Cane’s freestanding restaurant is located at 485 Betteravia Rd, at the signalized intersection of Betteravia Rd and College Dr (49,000 cars per day). This intersection provides direct freeway ramp access to U.S. Route 101 (69,000 cars per day).
Enos Ranch is a Class A, 99% leased, 110-acre mixed-use development that attracts 6.5 million annual visitors. Enos Ranch features Costco, Lowe’s, multiple car dealerships, apartments, an elementary school, park and cultural center, Coast Hills Credit Union’s three-story campus, and best-in-class retailers and restaurants. Junior Box Anchor tenants include Aldi, Boot Barn, Guitar Center, Petco, Dick’s Sporting Goods, Old Navy, ULTA Beauty, HomeGoods, among others. Pad tenants include Chick-fil-A, Chipotle, Dutch Bros, Habit Burger, Juice It Up!, Firehouse Subs, Nick the Greek, Crumbl Cookies, Nothing Bundt Cakes, Urbane Café, Jack in the Box, Buffalo Wild Wings, Cracker Barrel and others.
Alexander Moore, Sean Cox and Kevin Fryman with Hanley Investment Group Real Estate Advisors represented the seller, College West Partners, L.P. of Tustin, and the buyer, a private investor based in Los Angeles.
Cox noted, "Single-tenant QSR drive-thrus leased to national corporate tenants continue to experience the highest demand from net-leased investors in today’s market. Buyers are willing to pay a premium for well-located, corporate-leased retail investments, and our success in facilitating this sale is a testament to that."
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