Faris Lee Investments Completes $5.48 Million Ground Lease Sale of Raising Cane’s in Laguna Hills, CA
IRVINE, Calif., February 27, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $5.48 million ground lease sale of a Raising Cane’s property located at 23971 El Toro Road in Laguna Hills, CA. According to Costar, the transaction is the first sale of a single-tenant Raising Cane’s in California.
Senior Managing Director Shaun Riley represented the buyer, a private investor from Redondo Beach, in the transaction. Adam Friedlander, Matthew Berres and Scott Bailey of JLL represented the seller, a private investor from Valencia, CA. The transaction closed at a cap rate of 4.20 percent.
“This trophy asset, built in 2016, is a long-term ground lease with favorable rental increases every five years,” said Riley. “There is strong intrinsic value to the real estate. It is adjacent to the Laguna Hills Mall, which will soon be renamed Five Lagunas, and is planned to be redeveloped into a Class A mixed-use/lifestyle center. This was a key reason why we thought this property would best fit our client’s investment objectives.”
Situated directly off the 405 freeway, the rapidly growing quick-service restaurant is strategically positioned directly across El Toro Road from the heavily trafficked, 876,000-square-foot Laguna Hills Mall. Ranked among the research firm Sandelman & Associates 2015 “Top Ten Quick-Service Restaurant Chains,” Raising Cane’s is disrupting its industry with its focus on quality ingredients and meals.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.