Hanley Investment Closes Raising Cane’s Deal in St. Louis
- Nov 14, 2019
Hanley Investment Group Real Estate Advisors has arranged the sale of a brand new Raising Cane’s quick-service restaurant in St. Louis, Mo. The buyer, a Newport Beach, Calif.-based private investor, acquired the single-tenant asset for $5 million from Noles Properties, who was represented by Hanley in the transaction.
The 2,913-square-foot building, located at 805 South Vandeventer Ave., opened in August. Situated in The Grove Entertainment District, one of St. Louis’ leisure destinations, the asset is surrounded by local retailers, restaurants, breweries, bars and an improv theater. The property is also roughly a mile away from Saint Louis University, a private institution with nearly 20,000 students.
Raising Cane’s is positioned in a midtown market, with major projects being developed within a one-mile radius. These include Missouri’s only IKEA, a 200-acre innovation hub called The Cortex District and five mixed-use buildings.
In the last 18 months, Hanley Investment has completed the sales of five Raising Cane’s restaurants, including a new construction in Anaheim, Calif. The St. Louis deal was mediated by Hanley Vice President Jeff Lefko and Executive Vice President Bill Asher, along with John Shuff, vice president of brokerage at Pace Properties. Lefko and Asher recently brokered the $8.8 million sale of another California retail property.