Hanley Investment Group Real Estate Advisors completed the sale of a new-construction, single-tenant Raising Cane’s Chicken Fingers quick-service restaurant in St. Louis, Missouri.
Raising Cane’s is the rapidly-growing Louisiana-based restaurant company known for its ONE LOVE® – quality chicken finger meals. The purchase price was $5.025 million, representing $1,725 per square foot for a 2,913-square-foot building with a drive-thru. The cap rate for the sale was 5.97 percent.
Hanley Investment Group Vice President Jeff Lefko and Executive Vice President Bill Asher, along with Vice President – Brokerage John Shuff of Pace Properties in St. Louis, Missouri, represented the seller, Noles Properties of Creve Coeur, Missouri. The buyer was a private investor based in Newport Beach, California.
The brand-new, single-tenant Raising Cane’s is located at 805 South Vandeventer Ave. on 0.72 acres at the signalized intersection of Vandeventer Avenue and the on/off-ramp to Interstate-64 freeway.
Raising Cane’s is situated in The Grove Entertainment District, one of St. Louis’ most popular entertainment destinations. There are approximately 50 local retailers and restaurants; three craft breweries, seven bars, and an improv theatre.
Raising Cane’s is one of the fastest-growing quick-service restaurant chains in the United States, experiencing a 30.2 percent sales growth in 2018.
