Single-Tenant Raising Cane’s in Fontana Sells for $3.5 Million

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RENTV.com

A brand new, single-tenant Raising Cane’s Chicken Fingers quick-service restaurant situated on a pad to a Sprouts-anchored shopping center in Fontana, sold for $3.5 mil. The 3.2k sf restaurant includes a drive-thru and sits on a 0.57-acre site at 16988 S. Highland Ave, at the entrance of the brand-new Highland Village shopping center. 

Adler Realty Investments recently completed the development, which is anchored by Sprouts Farmers Market, and also includes Jack in the Box, Burgerim, Jersey Mike’s, Oggi’s Restaurant, Mountain View Tires, Pacific Dental and Quick Quack Car Wash. The property is immediately adjacent to the 210 Fwy at the Sierra Ave entrance/exit and has excellent accessibility, identity and visibility along the 210 Fwy. 

Kevin Fryman, Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented Adler Realty Investments Inc, based in Woodland Hills. The buyer, a private investor based in Covina, was repped by Kevin Boeve at Marcus & Millichap in Ontario. 

Raising Cane’s, a rapidly-growing Louisiana-based restaurant company, which is known for its ONE LOVE® – quality chicken finger meals, opened its Fontana location in February 2019. The chain is on a NNN, absolute ground lease. 

“We successfully executed a pre-sale marketing strategy and secured a 1031 exchange buyer based in Southern California prior to completion of construction and the tenant opening for business,” said Fryman. 

The property enjoys exposure to a high volume of commuters that travel along the 210 Freeway, one of the major east/west freeways connecting California’s San Gabriel Valley and Inland Empire. The average daily traffic count is approximately 119,000 at the Sierra Avenue exit. The freeway-visible pylon sign provides outstanding exposure for Raising Cane’s by eastbound and westbound traffic, Fryman noted.