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Views: 49 DOM: 74 Updated: 09.19.24 Posted: 09.19.24 Status: Active 09.19.24

Summary

Price $3,435,000
Built/Renov 2024
Tenant Raising Cane's (GL)
Cap Rate 4.28%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 3,181
Lease Start 12-01-2024
#Units 749
Price/SF $1,079.85
Expiration 11-30-2039
Tenant Type Fast Casual/Rest.
NOI $147,000
R. Term 15.0
Ownership Ground Lease
Rent/SF $46.21
Increases 10.0%/5/yrs
Pop 5Mi 152,679
Lot/AC 1.30
Options 5/5yrs/10%
AHHI 5Mi $105,521

Lease Highlights

  • Brand-new 2024 construction
  • Raising Cane’s recently signed a brand-new 15-year ground lease with 5 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Raising Cane's is strategically located at the signalized, hard-corner intersection of Southern Boulevard SE and Unser Boulevard SE, which average a combined 63,600 vehicles passing by daily. The site benefits from significant street frontage and a large pylon sign and will be equipped with a double drive-thru, providing ease and convenience for customers. Additionally, the asset is ideally...

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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:749
  • 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 : 12,702 84,754 163,232
2023 Total Population : 12,488 80,867 152,679
2023 Employed Civilian Pop : 5,801 36,564 70,785
2023 Total Businesses : 396 1,770 3,395
2023 Average Household Income : $ 100,608 $ 101,006 $ 105,521
2023 Total Consumer Spending : $ 383 M $ 2674 M $ 5312 M
2023 Median Age : 35 37 38
2023 Total Households : 4,435 30,754 58,658
2023 Pop Age 25+: Bachelor's Degree : 1,687 11,802 23,519
2023 Average Home Value : $ 253,906 $ 275,973 $ 298,128
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Southern Blvd SE 22nd SE 2017 25,200 0.14 mi
Southern Blvd SE Commercial Dr SE 2017 21,700 0.16 mi
Southern Boulevard Southeast Premiere Pkwy SE 2022 21,056 0.21 mi
Unser Blvd SE Southern Blvd SE 2017 35,100 0.24 mi
Unser Boulevard Zaragoza Rd SE 2022 34,628 0.35 mi
FL-5103-P Zaragoza Rd SE 2021 6,170 0.38 mi
Western Hills Drive Southeast Zaragoza Rd SE 2022 6,238 0.38 mi
Western Hills Drive Southeast Southern Blvd SE 2022 3,622 0.40 mi
FL-1622-P Melia Rd SE 2021 3,104 0.40 mi
Southern Boulevard Southeast Southern Blvd SE 2022 14,338 0.43 mi

Listing Broker

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