Cushman & Wakefield Negotiates Sale of National Chicken Restaurant Chain
TUCSON, Arizona – Cushman & Wakefield sold the Raising Cane’s chicken restaurant, located at 6352 E. Broadway Boulevard in Tucson for $4.15 million ($1,148 PSF) to Leal 2002 Family Trust of California. This was a record low CAP rate for a Raising Cane’s sale in Arizona.
Cushman & Wakefield Senior Director Chris Hollenbeck represented the seller, Phoenix-based Eisenberg Company. Chris Rodriguez of Pacific Northwest represented the buyer.
The single-tenant property built in 2015, totaling 3,616-square-feet, is under a new, 20 year absolute NNN lease leased to Micatrotto Holdings DBA Raising Cane’s with 19-years remaining. The lease is backed by Micatrotto Restaurant Group (MRG), the largest franchisee for Raising Cane’s with over 25 locations in Arizona and Nevada.
“This was the first location for Raising Cane’s in Tucson and the location has blown away all expectations in terms of sales. Due to the high grossing location as well as the “main and main” real estate, this is an irreplaceable trophy asset in Tucson,” says Hollenbeck. It opened for business on August 28, 2015.
Located at the corner of Broadway Boulevard and Wilmot, the property is right in the heart of the Park Place Mall, one of the largest retail trade areas in Tucson. Surrounded by many national retailers located along Broadway Blvd. makes this an exceptional location.
For more information, Hollenbeck can be reached at 602.224.4475.
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[mepr-show rules="58038"]Sale date: 1/12/2017. Property sold at a 5.6% cap rate.[/mepr-show]