Hanley Investment Group Real Estate Advisors recently facilitated the sale of a new-construction, single-tenant Raising Cane’s Chicken Fingers Double Drive-Thru restaurant located in Santa Maria’s Enos Ranch mixed-use development. The property was sold for $5.1 million.
The seller, College West Partners, L.P., based in Tustin, and the buyer, a private investor from Los Angeles were represented by VPs Alexander Moore and Sean Cox along with EVP Kevin Fryman.
According to Moore, the escrow was closed within 62 days from listing date despite eight other single-tenant Raising Cane’s properties being on the market in California. A direct all-cash investor with short due diligence and closing time frames was procured by Hanley Investment Group who owned multiple Rasing Cane’s restaurants in California but did not require a 1031 exchange.
Cox stated that there is high demand for single-tenant QSR drive-thrus leased to national corporate tenants among net lease investors currently.
