Overwhelmingly company-operated. New growth is company-owned, including the first international company-operated market (UK).
Cane's is the only brand in the category compounding double-digit unit growth on top of a $6M+ AUV, and it does it with a four-item menu and no franchisees to manage. That combination — corporate control, extreme menu simplicity, elite volumes — is why it has moved from regional curiosity to the clearest structural threat to Chick-fil-A in a decade. For real estate, the absence of franchising is the whole story: every Cane's is a corporate credit, so its ground leases price like investment-grade paper even though the company is private. Watch the London flagship. A company-operated international build is a capital-intensive way to grow, and it signals that Graves intends to own the brand's economics abroad rather than sell them to master franchisees.
Cap rate
4.70%–5.00% on 15-year ground leases (~5.00% asking, Q1 2026)4
Because Cane's builds and operates rather than franchises, its net-lease product carries a corporate guarantee — which is why it prices within 40–60 bps of Chick-fil-A. Standard structure is a 20-year absolute-NNN ground lease with 10% increases every five years. A corporate-guaranteed 15-year ground lease traded at a 4.75% cap on a $6.84M price in a deal arranged by SRS and JLL.45
| Date | Location | Price | Cap | Terms |
|---|---|---|---|---|
| 2025 | Not disclosed5 | $6.84M | 4.75% | 15-year corporate-guaranteed absolute-NNN ground lease |
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| Announced | Market | Commitment | Timeline |
|---|---|---|---|
| 2026 | National2 | ~100 in 2026 | 2026; 1,600-restaurant long-term goal |
| 2026 | London, UK6 | Flagship + additional West End, Strand, Oxford Circus, Paddington, South Bank sites | 2026 |
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| Date | Type | Detail |
|---|---|---|
| 2026-03 | Opening | Hollywood Boulevard, Los Angeles, CA — 1,000th Raising Cane's — two stories, LED screens and a seven-foot golden statue of Cane III.7 |
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What it means for the Chicken Wars: A thousand restaurants, virtually all company-operated, at a $6.3M AUV. There is no franchisee base to consolidate, no operator distress to trade, and no franchise transfers to broker — Cane's growth creates real estate opportunity only at the site-selection and sale-leaseback stage. Get in early or don't get in.
Every figure on this page is attributed. CSW does not publish estimates as facts — where a number is unavailable it is shown as “—”, and where a figure is derived arithmetically from two published figures it is marked as derived.