ANAHEIM, Calif. – SRS Real Estate Partners and Hanley Investment Group announced today that the two firms have completed the sale of a new-construction, single-tenant Raising Cane’s Chicken Fingers quick-service restaurant with a drive-thru located in Anaheim, California. Raising Cane’s is the rapidly-growing Louisiana-based restaurant company known for its ONE LOVE® – quality chicken finger meals. The sale price was $5 million for the absolute triple-net ground lease, representing a 4% cap rate, the lowest-cap rate on record for the sale of Raising Cane’s in the U.S.
Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeremy McChesney, represented the buyer, a private investor from Los Angeles, California. SRS Real Estate Partners’ National Net Lease Group’s Managing Principal Patrick Luther and Matthew Mousavi, Managing Principal and Co-founder of the SRS National Net Lease Group, represented the seller, Calbay Development LLC of Manhattan Beach, California.
The new, freestanding 3,233-square-foot Raising Cane’s opened on August 27, 2019, and is situated on 0.93 acres at 223 S. Euclid Avenue, between Lincoln Avenue 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, a great crew, cool culture and active community involvement.
Nation’s Restaurant News magazine recently ranked Raising Cane’s as one of the Fastest Growing Restaurant Chains in the U.S. by systemwide sales. Technomic’s Top 500 Chain Restaurant Report ranked Raising Cane’s #50 in its 2018 report. Graves, the founder and CEO of Raising Cane’s Chicken Fingers, was recently named one of the top CEOs in the country, according to Glassdoor Employees’ Choice Award 2019. Graves got an approval rating of 95%, putting him in 28th place on the list of the top 100. Graves earned the ranking through anonymous and voluntary reviews that Raising Cane’s employees shared on Glassdoor throughout the past year. The average approval rating of CEOs on the list of the top 100 is 69%.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. For more information, please visit www.srsre.com.
About Calbay Development
CalBay Development, LLC is a privately held real estate development firm based in Manhattan Beach and led by Ryan Shea and Perry Mann. It was founded with a mission to buy premium commercial properties in California and develop first class retail and restaurant projects with staying power. The cofounders’ collective shopping center industry experience spans 45 years in investment and development of commercial sites, and their collective acquisitions in California alone total +/ 500,000 square feet across +/- 50 projects, circa $260 million in project capitalization. For more information visit: www.CalBayCorp.com.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.