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Views: 188 DOM: 122 Updated: 09.25.24 Posted: 06.10.24 Status: Active 06.10.24

Summary

Price $6,823,000
Built/Renov 2022
Tenant Raising Cane's (GL)
Cap Rate 4.25%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 3,660
Lease Start 09-20-2021
#Units 736
Price/SF $1,864.21
Expiration 09-20-2036
Tenant Type Fast Casual/Rest.
NOI $290,000
R. Term 11.11
Ownership Ground Lease
Rent/SF $79.23
Increases 10.0%/2/yrs
Pop 5Mi 266,698
Lot/AC 1.29
Options 3/5yrs/10%
AHHI 5Mi $130,246

Lease Highlights

  • New 2022 construction
  • Tenant has 12+ years remaining on the current ground lease term with 3 (5-year) options to extend and one additional 4-year option
  • Lease features 10% rental increases every 5 years throughout the initial term and at each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Raising Cane’s is strategically located near the signalized, hard-corner intersection of West Parkridge Avenue and North Main Street, averaging a combined 41,700 vehicles passing by daily. Furthermore, the asset is positioned near the on/off ramps to two major freeways, Interstate 15 (157,000 VPD), and State Highway 91 (233,000 VPD). The site is ideally situated in the heart of a dense retail...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Raising Cane's (GL)
  • Guarantor:Corporate
  • Company:Raising Cane's Restaurants LLC
  • # Units:736
  • 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 : 12,324 118,665 268,831
2023 Total Population : 12,123 117,444 266,172
2023 Employed Civilian Pop : 6,236 56,177 130,667
2023 Total Businesses : 1,134 6,222 9,867
2023 Average Household Income : $ 96,587 $ 109,383 $ 130,101
2023 Total Consumer Spending : $ 342 M $ 3269 M $ 8600 M
2023 Median Age : 34 34 34
2023 Total Households : 4,135 34,804 77,743
2023 Pop Age 25+: Bachelor's Degree : 1,638 12,451 35,935
2023 Average Home Value : $ 518,497 $ 567,129 $ 602,260
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
N Main St Cota St 2007 29,200 0.03 mi
W Parkridge Ave N Main St 2009 8,300 0.06 mi
E Parkridge Ave Corona Ave 2007 12,400 0.14 mi
Hamner Ave N Main St 2007 29,300 0.19 mi
N Main St W Parkridge Ave 2007 22,900 0.24 mi
River Rd Headwater Rd 2008 8,800 0.29 mi
Yuma Dr Hamner Ave 2008 28,000 0.30 mi
Corona Ave Gilmore Dr 2009 2,800 0.31 mi
Mountain Ave 1st St 2006 8,150 0.34 mi
I- 15 Corona Ave 2012 156,000 0.35 mi

Listing Broker

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