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]

CASA GRANDE, AZ– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Raising Cane’s, a 3,616-square foot net-leased property located in Casa Grande, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,437,500 ($950 PSF).

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer.  The buyer, a limited liability company, was secured and represented by Jamie Medress and Mark Ruble

Raising Cane’s is located at 2469 East Florence Road in Casa Grande, AZ.

Kneader’s Bakery & Café and Raising Cane’s will be bringing two new fast casual concepts restaurants to Tucson at the southeast corner of Wilmot Road and Broadway Blvd. CVS built a new store on the hard corner in 2013 and sold 2.3 acres of excess land surrounding the CVS Pharmacy.

An affiliate of the Eisenberg Company in Phoenix (Jason Eisenberg, CCIM) purchased the 2.3 acres surrounding this corner for $1.725 million ($17 PSF) from CVS to split.

Raising Cane’s is a fast-casual restaurant specialized in chicken fingers. Founded in Baton Rouge, Louisiana in 2007 by Todd Graves, today there are more than 150 locations across 15 states, and 7 in metro Phoenix. The restaurant is named after Grave’s yellow Labrador, Raising Cane.

Expected to open Summer 2015, Eisenberg is developing the 4,000-square-foot Raising Cane’s on 51,162-square-feet of land facing Broadway. The remaining 49,063-square-feet of land was sold to Kneader’s developer, FFG Development of American Fork, UT for $900,000 ($18 PSF).

Kneader’s Bakery & Café will be a 3,700-square-foot built-to-suit facing Wilmot.

Kneader’s is all about breads. The concept is a European-style bakery where things are still made by hand, from simple, healthy ingredients the way it’s been done for a thousand years.

The first Kneaders opened in 1997 in Orem, UT specialized in authentic European hearth breads made fresh daily. Kneaders also offers a variety of soups, salads, sandwiches and 40-50 different pastries. Kneader’s fast-casual concept is to provide “fresh food fast”.

Kneader’s has been expanding rapidly, with 30 locations and 7 in Phoenix. The Tucson Kneader’s is also expected to open Summer 2015

Torrey Briegel and Regan Amato of Phoenix Commercial Advisors in Phoenix represented Eisenberg in both transactions.

To learn more Briegel can be reached at 602.734.7219 while Amato is at 602.288.3474.