In an opportunity for investors looking to expand their retail footprints in Southern California, a brand new Raising Cane’s restaurant located at 18600 Gridley Rd. in Artesia, California, is now available for sale. The property, marketed by Newmark’s Kyle Miller and Peter Spragg, offers a 15-year lease term starting in mid-May of 2023. With a cap rate of 3.65 percent and a net operating income of $455,000, this property presents an opportunity for those seeking strong infill, single-tenant properties in the Los Angeles Metro market.
The location of Raising Cane’s restaurant is one of its strong features. Situated directly across the street from the renowned Los Cerritos Mall, which spans 1.4 million square feet, the property benefits from its proximity to this active retail hub. The mall is anchored by prestigious brands such as Nordstrom, Macy’s, Dick’s Sporting Goods, Harkins Theatres, and many more, making it a magnet for shoppers and ensuring a consistent flow of foot traffic.
The immediate trade area surrounding the restaurant boasts an affluent demographic. With average household incomes exceeding $117,000 within a 3-mile radius, this submarket stands out as one of the most prosperous in the mid-cities region, according to the marketing flyer from Newmark. This type of consumer base will contribute to the long-term stability and financial strength of Raising Cane’s, one of the top operators in the quick-service restaurant space.
As the demand for quality commercial properties in sought-after locations continues to rise, the availability of a brand new Raising Cane’s restaurant presents an exciting prospect for investors. With its strategic location, strong financial performance, and renowned tenant, this property at 18600 Gridley Rd. in Artesia, California, offers an excellent chance to secure a valuable and profitable asset in the thriving Los Angeles Metro market.
The quick service restaurant market size is projected to grow from $469.6 billion in 2022 to $603.3 billion by 2030, which gives it a compound annual growth rate of 3.65 percent, according to a recent study by Market Research Future. This increase will be mainly driven by the demand from consumers whose changing patterns, busy schedules and increasing e-commerce penetration will be the main drivers. Rapid urbanization, an increase in the population with disposable income and people’s increased preference for curbside takeout and third-party food delivery will also drive this sector’s expansion in the years to come.
