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QSR Garners Brand’s Highest Price/SF in Midwest

Hanley Investment Group Real Estate Advisors recently arranged the sale of a new single-tenant Raising Cane’s Chicken Fingers quick-service restaurant in the Twin Cities suburb of Coon Rapids, MN. The purchase price of $5,025,000 represented the highest price per square foot for a Raising Cane’s in the Midwest.

VP Jeff Lefko and EVP Bill Asher represented the seller, OneCore Global based in Davie, FL. The buyer, a private investor from San Francisco, was represented by Colliers International’s Mehdi Star.

“We procured a California-based 1031 exchange buyer that sold out of a multifamily property, and was looking outside of California for a quality net-leased asset,” said Lefko.

According to Asher, this sale’s 6.03% cap rate was the lowest for a Raising Cane’s in the Midwest above $5 million. Last March, Hanley sold a new Raising Cane’s in La Habra, CA, representing the franchise’s lowest cap rate to date in the U.S.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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