TUCSON, AZ (October 15, 2024)—The Raising Cane Restaurant's ground lease at 2150 E Ajo Way in Tucson sold for $2.6 million ($40.53 PSF). The 1.47-acre pad is in Ajo Marketplace off I-10 and Ajo Way, adjacent to Kino Sports Complex, a 300-acre multi-use sports complex.
Raising Cane's, known for its simple and focused menu, has experienced remarkable growth since its inception in 1996. The brand's expansion story is one of strategic planning, a strong brand identity, and a commitment to quality that has resonated with customers across the United States and beyond. Over the past 15 years, the brand has enjoyed 62 consecutive quarters of positive same-store sales growth, with average unit volume (AUV) more than doubling since 2015.
Raising Cane's has seen solid financial growth, driven by a cohesive company culture. In 2024, the brand is expected to generate over $4.5 billion in systemwide sales, surpass $6 million in average unit volume (AUV), and operate more than 788 restaurants, including 43 locations in the Middle East. The company plans to open over 90 new restaurants this year, mostly company-owned, including a new flagship in Nashville. In June 2023, Raising Cane's launched a flagship location in Times Square, New York City, projected to earn over $20 million in its first year.
Raising Cane's attributes much of its success to its strong corporate culture and core values. The company emphasizes a positive work environment, excellent customer service, and active community involvement. The "ONE LOVE" philosophy, which focuses on serving the best quality chicken finger meals, is a central theme in the company's culture. This philosophy extends to how the company treats its employees, known as "Caniacs," promoting a fun and supportive workplace.
Raising Cane's is also known for its philanthropic efforts. The company supports various community initiatives, including education, animal welfare, and active lifestyle programs. Each restaurant is encouraged to engage with its local community, supporting local schools, sports teams, and charitable organizations. This community-oriented approach has helped Raising Cane's build solid regional ties and a positive reputation.
Todd Graves and Craig Silvey conceived the idea for Raising Cane's during a college business class project. Despite receiving a poor grade on the project, Graves was determined to make the concept a reality. He worked as a boilermaker and fisherman to save money. He later secured a loan to open the first Raising Cane's in Baton Rouge, Louisiana, near the Louisiana State University campus. The restaurant was named after Graves' dog, Raising Cane.
Chris Hollenbeck and Shane Carter with Cushman & Wakefield | Picor represented the seller, Scottsdale-based Grace Investment Company (Howard Grace, Director), and Scott Ruble with Marcus & Millichap of Phoenix represented the San Diego-based investor, AZ Landmark, Inc. (Joon Sok Kim, Director).
For more information, Hollenbeck should be reached at 602.224.4475, Carter is at 602.224.4442, and Ruble is at 602.687.6700.
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