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Phoenix: Freestanding restaurant sells for $4.15 million

 

Cushman & Wakefield announced that the Raising Cane’s, located at 6352 E. Broadway Boulevard in Tucson, has been sold for $4.15 million to Leal 2002 Family Trust. 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 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 which has 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.

 

Located at the corner of Broadway Boulevard and Wilmont, the property is right in the heart of the Park Place Mall. The Park Place Mall is one of the largest retail trade areas in Tucson, where many national retailers have located along Broadway Blvd. making this an exceptional location.

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