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 the highest-priced single tenant Raising Cane’s in the country. The property is in Phoenix, Arizona and traded for $9 million or a 3.72% cap rate.
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“Located just outside of affluent neighborhoods Bethany Estates and Palo Verde Estates, this is one of the highest-performing Raising Cane’s in the state. The property is located on a large lot, providing our buyer the opportunity to increase revenue with an additional tenant,” said Neil Naran, senior associate. “Phoenix’s rising population has provided an influx of demand for retail properties, as we saw high levels of activity and interest for this asset. Surrounded by residential areas and neighboring two elementary schools, interested parties highlighted this property’s past successes and room for substantial growth, further supporting the record price we were able to achieve.” Neil Naran of The Naran Group of Marcus & Millichap represented the seller and Ron Duong and Craig Elster of The Duong Investment Group of Marcus & Millichap procured the buyer.
“This was the fifth Raising Cane’s transaction our team completed over the past six months, setting multiple price and cap rate records along the way. Demand within the fast-food retail market remains very strong, with steady sources of income and growth,” said Duong. “Raising Cane’s is expected to open approximately 100 new stores across 10 new markets in 2022 and given our expertise in this facet of the retail industry, we plan to provide our clients with opportunities to capitalize on these strong assets.”
