Tucson’s first Raising Cane’s location was sold for $4.15 million to Leal 2002 Family Trust by Phoenix-based Eisenberg Company, according to brokers who worked on the deal.
The property is located at 6352 E. Broadway Blvd. in Tucson, and the sale was a record low CAP rate for a Raising Cane’s in Arizona.
The single-tenant property totals 3,616 square feet and is under a new, 20 year absolute NNN lease, which is leased to Micatrotto Holdings DBA Raising Cane’s with 19 years left on the lease. Micatrotto Restaurant Group backs the lease. The group is the largest franchisee for Raising Cane’s with over 25 locations in Arizona and Nevada.
The recently sold Raising Cane’s building is located at Broadway Boulevard and Wilmont Road, which is at the Park Place Mall.
Cushman & Wakefield Senior Director Chris Hollenbeck represented the seller, Phoenix-based Eisenberg Company. Chris Rodriguez of Pacific Northwest represented the buyer.
“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.
