Hanley Investment Group Real Estate Advisors recently arranged the sale of a new single-tenant Raising Cane’s Chicken Fingers quick-service restaurant in the Twin Cities suburb of Coon Rapids, MN. The purchase price of $5,025,000 represented the highest price per square foot for a Raising Cane’s in the Midwest.
“We procured a California-based 1031 exchange buyer that sold out of a multifamily property, and was looking outside of California for a quality net-leased asset,” said Lefko.
According to Asher, this sale’s 6.03% cap rate was the lowest for a Raising Cane’s in the Midwest above $5 million. Last March, Hanley sold a new Raising Cane’s in La Habra, CA, representing the franchise’s lowest cap rate to date in the U.S.