IE Business Daily Business news for the Inland Empire.
A San Bernardino property occupied by a Raising Cane’s Chicken Fingers restaurant has sold for $8.2 million, a record for any parcel in the United States occupied by the Baton Rouge, La.-based chain.
That is also the most ever paid for a fast-food property in San Bernardino County, according to a statement released Monday by SRS Real Estate Partners’ National Net Lease Group in Newport Beach.
SRS represented the seller and developer, an affiliate of Red Mountain Group in Santa Ana, which buys and redevelops retail properties.
The San Diego-based buyer, whose name was not released, paid cash for the property and was represented by Lee & Associates.
The restaurant is at 1857 S. Tippecanoe Ave. The purchase price works out to $2,006 per square foot.
“This asset is one of the highest performing quick-service in the San Bernardino region with over 360,000 visits annually,” said Matthew Mousavi, principal with SRS, in the statement. “This record-breaking transaction is significant, as it shows the strength of the San Bernardino market as well as this restaurant brand in Raising Cane’s.”
The restaurant covers nearly 4,100 square feet on 1.2 acres near Interstate 10. It has more than 11 years left on its lease.
SRS completed a similar sale of a Raising Cane’s property in Temecula for $6.8 million a little more than one year ago, according to the statement.
