Raising Cane's on Corporate Blvd. closed due to disagreement regarding lease renewal
BATON ROUGE - The Christmas Eve closure of a popular Raising Cane's location came as a surprise to many.
Greater Baton Rouge Business Report shed light on the reason for the closure, reporting that the beloved chain shuttered its Corporate Boulevard location due to an inability to come to terms over a long-term lease renewal.
Cane's leased the 3,500-square foot building from local investors, Giovanni Mucciacciaro and members of the Salvaggio family, who co-own the property through their College Retail LLC.
The landlords spent $1 million building the restaurant 15 years ago, at a time when commercial real estate in the Corporate area was selling for about half the $30 square foot it does currently.
In return, Cane's signed a 15-year lease that increased by 10% every five years.
But this year, when Cane's was presented with the option of renewing its lease, the company requested a reduction that the landlords simply couldn't agree to.
The landlord's broker, Mark Hebert, told Greater Baton Rouge Business Report, "They wanted a reduction in rent that did not correspond with the sales of the restaurant. The landlord agreed to keep the rent the same for the next 10 years but they wanted a reduction.”
Cane’s spokeswoman, Julie Perrault, also confirms that contested lease negotiations was the reason for the closure.
But Raising Cane's fans should be on the lookout for a replacement restaurant.
Perrault told reporters, “We are exploring other sites to eventually replace this restaurant. However, our top priority currently is ensuring a smooth transition for our affected crew members.”
The Corporate Boulevard employees have been transferred to positions at the chain’s other 19 area locations.
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