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SRS Completes Ground Lease Sale of Raising Cane’s in Quincy
SRS Real Estate Partners has completed the $2.6 million ground lease and land ownership sale of a newly developed Raising Cane’s Chicken Fingers drive-thru restaurant property located at 3601 Broadway Street in Quincy, Illinois. The 3,062-square-foot asset is situated on just under one acre of land.
SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a Chicago-based merchant developer. SRS Capital Markets Vice President Alexander Moore represented the buyer, a private investor from Sacramento.
“Raising Cane’s is an extremely popular and growing brand across the United States. This ground lease opportunity was ideal for the buyer as it offered zero landlord responsibilities and scheduled rental increases over the 15-year term,” said Moore.
The property is an outparcel to Target and is directly across the street from Quincy Commons Shopping center, a Hobby Lobby-anchored shopping mall with other national brands including Hy-Vee, Panera Bread, and Taco Bell.
