Single-Tenant Retail Sets New Cap Rate Record

The sale of a new-construction, single-tenant Raising Cane’s Chicken Fingers quick-service restaurant in Anaheim trades for a 4% cap rate.

A new-construction, single-tenant Raising Cane’s Chicken Fingers quick-service restaurant in Anaheim has traded hands for a 4% cap rate. The cap rate is a new lowest record for the quick-service chain in the US.

Hanley Investment Group’s EVPs Bill Asher and Jeremy McChesney, represented the buyer, a private investor from Los Angeles, California. SRS Real Estate Partners’ National Net Lease Group’s Managing Principal Patrick Luther and Matthew Mousavi, managing principal and co-founder of the SRS National Net Lease Group, represented the seller, Calbay Development LLC.

The property is a freestanding 3,233-square-foot building, and opened on August 27, 2019. It traded hands for $5 million.

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