Hanley Investment Group Real Estate Advisors recently facilitated the sale of a newly constructed single-tenant property in Imperial Beach, California. The property is occupied by a Raising Cane’s Chicken Fingers Drive-Thru restaurant and was sold for $5.7 million in an off-market transaction.
The developer and seller, Palm Avenue 111 Partners LLC of Encinitas, were represented by EVPs Bill Asher and Jeff Lefko. The buyer, a family trust from Northern California, was represented by Scott Ketchum from Newport Beach.
According to Asher, the team successfully secured an all-cash buyer within their 1031 exchange identification period who specifically sought out this type of investment opportunity in California. Escrow opened shortly after Raising Cane’s began operations at the location and closed within just 40 days.
This recent sale highlights the strong demand for absolute triple-net properties with quick serve drive-thru options in California’s real estate market.
