Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced that the firm arranged the sale of a brand-new construction, single-tenant Raising Cane’s Chicken Fingers Double Drive-Thru restaurant within Santa Maria, California’s premier retail destination, Enos Ranch, for $5.1 million ($1,608 per square foot).  

Hanley Investment Group’s Vice Presidents Alexander Moore and Sean Cox, along with Executive Vice President Kevin Fryman, represented the seller, College West Partners, L.P. of Tustin, California, and the buyer, a private investor based in Los Angeles.   

“We closed escrow within 62 days from our listing date while eight other single-tenant Raising Cane’s were on the market in California. This is another great example of Hanley Investment Group’s ability to differentiate opportunities in the market through superior storytelling,” Moore highlights. “We procured a direct all-cash investor with short due diligence and closing time frames who owned multiple Raising Cane’s restaurants in California and was not in a 1031 exchange.”

Cox adds, “Single-tenant [quick-service] drive-thrus leased to national corporate tenants continue to experience the highest demand from net-leased investors in today’s market. Buyers are willing to pay a premium for well-located, corporate-leased retail investments, and our success in facilitating this sale is a testament to that.”

Built in 2022 on a 0.80-acre pad, Raising Cane’s 3,172-square-foot freestanding restaurant is located at 485 Betteravia Road, within Enos Ranch, at the signalized intersection of Betteravia Road and College Drive (49,000 cars per day). This intersection provides direct freeway ramp access to U.S. Route 101 (69,000 cars per day). 

Enos Ranch is a Class-A, 99% leased, 110-acre mixed-use development that attracts 6.5 million annual visitors. Enos Ranch features Costco, Lowe’s, multiple car dealerships, apartments, an elementary school, park and cultural center, Coast Hills Credit Union’s three-story campus, and best-in-class retailers and restaurants. Junior Box Anchor tenants include Aldi, Boot Barn, Guitar Center, Petco, Dick’s Sporting Goods, Old Navy, ULTA Beauty, HomeGoods, among others. Pad tenants include Chick-fil-A, Chipotle, Dutch Bros, Habit Burger, Juice It Up!, Firehouse Subs, Nick the Greek, Crumbl Cookies, Nothing Bundt Cakes, Urbane Café, Jack in the Box, Buffalo Wild Wings, Cracker Barrel and others.  

Santa Maria, a significant shopping hub for surrounding communities, has a strong demographic profile, with 132,000 residents and an average household income of $96,000 within a five-mile radius. The regional trade area includes 371,000 residents, adding to its appeal as a destination.

Vandenberg Space Force Base, located within 15 minutes south of Santa Maria, contains 99,604 acres of land, operates approximately 16 launch facilities and complexes, and maintains the second largest airfield runway in the Department of Defense, which is 15,000 feet long. The base supports a population of over 18,000 people, including military personnel, family members, contractors and civilian employees.

Fryman adds, “Raising Cane’s has established itself as one of the premier brands in the quick-service restaurant (QSR) sector among single-tenant investors. The rapidly expanding chain, with more than 700 locations nationwide and plans to open 100 restaurants in 2024, enhances its operations through its mobile app, takeout, dine-in options, and two drive-thru lanes.”