TUCSON, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Raising Cane's, an absolute triple-net-leased restaurant located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5 million.
Zack House, Mark Ruble, Chris Lind and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “After just a week on the market, we had already received two offers at list price,” House stated. “We successfully closed the transaction in just thirty days after going to market. The buyer was able to secure a well-located, passive investment to achieve their cash flow goals and the seller was able to achieve their pricing expectations and move their capital to another opportunity.”
The buyer, a limited liability company, was procured by Craig Elster and Ron Duong, investment specialists in the firm’s Newport Beach office.
Raising Cane's is located at 2604 East Speedway Blvd in Tucson with excellent visibility along East Speedway Boulevard, which sees over 41,000 vehicles per day. This asset includes an absolute triple-net reverse build-to-suit lease with almost 20 years remaining on the lease term and 10% rental increases every five years. The area has a strong daytime population of 434,771 employees within a five-mile radius, and 286,441 residents. The average annual household income exceeds $74,000 in the immediate area surrounding the property.
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