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DOM: 41 Updated: 12.20.23 Posted: 10.10.23 Status: Sold 11.20.23

Summary

Price $2,941,000
Built/Renov 2022
Tenant Raising Cane's (GL)
Cap Rate 4.25%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 3,500
Lease Start 11-01-2022
#Units 677
Price/SF $840.29
Expiration 10-31-2037
Tenant Type Fast Casual/Rest.
NOI $125,000
R. Term 12.5
Ownership Ground Lease
Rent/SF $35.71
Increases 10.0%/4/yrs
Pop 5Mi 84,769
Lot/AC 1.43
Options 5/5yrs/10%
AHHI 5Mi $98,178

Lease Highlights

  • New 2022 construction
  • Raising Cane’s has 14 years remaining on the current lease term with 5 (5-year) options to extend
  • Ground lease features 10% rental increase every 5 years throughout the initial term and at the start of each option
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Raising Cane's is strategically located on Route 20/23, Fremont Pike, offering excellent visibility and a daily traffic count of 36,025 vehicles. The subject property is situated in a highly dense primary retail corridor that features major national tenants, including Walmart, Kroger, Target, Lowes, Kohl's, Macy's, Starbucks, and more. Additionally, it is positioned only a few hundred feet...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Raising Cane's
  • Guarantor:Corporate
  • Company:Raising Cane's Restaurants LLC
  • # Units:677
  • Stock:Private

About Tenant

Founded by Todd Graves in 1996 in Baton Rouge, Louisiana, Raising Cane’s is one of the fastest-growing quick-service restaurant chains in the U.S. Renowned for its fresh, never frozen chicken...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 7,543 29,590 84,611
2023 Total Population : 7,484 29,486 84,769
2023 Employed Civilian Pop : 3,670 15,931 45,220
2023 Total Businesses : 248 1,433 3,317
2023 Average Household Income : $ 96,189 $ 108,450 $ 98,178
2023 Total Consumer Spending : $ 271 M $ 1195 M $ 3123 M
2023 Median Age : 44 44 42
2023 Total Households : 3,282 12,908 36,973
2023 Pop Age 25+: Bachelor's Degree : 1,711 6,640 16,630
2023 Average Home Value : $ 254,214 $ 261,393 $ 229,108
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
608 Fremont Pike 2003 27,800 0.11 mi
Fremont Pike Helen Dr 2021 36,025 0.20 mi
Fremont Pike Helen Dr 2018 33,917 0.22 mi
Fremont Pike Simmons Rd 2003 14,300 0.28 mi
SIMMONS RD S Compass Dr 2020 1,037 0.28 mi
Simmons Rd 303 2018 1,133 0.31 mi
2019 8,409 0.31 mi
RAMP FROM US20 TO IR75 NB 2021 4,784 0.33 mi
RAMP FROM US20 TO IR75 NB I- 75 2020 4,616 0.33 mi
2018 5,953 0.34 mi

Listing Broker

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