An Encinitas partnership has sold a new single-tenant restaurant property in Imperial Beach in an off-market transaction for $5.7 million, a brokerage announced.
Raising Cane’s Chicken Fingers, located on nearly three-quarters of an acre at 900 Palm Ave., sits among several other retailers and restaurants, including CVS Pharmacy, Grocery Outlet, Dollar Tree, Chipotle Mexican Grill, Jack in the Box, Starbucks and Five Guys.
Hanley Investment Group executive vice presidents Bill Asher and Jeff Lefko represented the developer and seller, Palm Avenue 111 Partners, LLC. The buyer, a family trust based in Northern California, was represented by Scott Ketchum of Newport Beach.
Asher said the buyer had sought an investment in a drive-through business. The parties were in escrow shortly after the IB Raising Cane’s opened, with the transaction closing in 40 days.
At the end of November, the Hanley group arranged the sale of another new Raising Cane’s, within Santa Maria’s Enos Ranch, for $5.1 million. Additionally, at the end of June, the group, in association with ParaSell, Inc., arranged the sale of a Raising Cane’s in Albuquerque, N.M. to an all-cash exchange buyer from Southern California.
Asher said that despite the rise in interest rates, “single-tenant (quick service restaurant) drive-throughs leased to national corporate tenants continue to experience the highest demand from net-leased investors in today’s market.”
“Buyers are still willing to pay a premium for well-located, corporate-leased retail investments, and our success in facilitating the sales of all three Raising Cane’s demonstrates this,” he said.
Hanley Investment Group Real Estate Advisors, based in Corona del Mar, is a brokerage and advisory firm specializing in retail property sales.
