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Views: 155 DOM: 255 Updated: 09.13.24 Posted: 04.06.24 Status: Sold 12.17.24

Summary

Price $2,965,000
Built/Renov 2024
Tenant Raising Cane's (GL)
Cap Rate 4.25%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 2,818
Lease Start 05-12-2024
#Units 736
Price/SF $1,052.16
Expiration 05-12-2039
Tenant Type Fast Casual/Rest.
NOI $126,000
R. Term 14.4
Ownership Ground Lease
Rent/SF $44.71
Increases 10.0%/5/yrs
Pop 5Mi 196,471
Lot/AC 1.29
Options 5/5yrs/10%
AHHI 5Mi $73,056

Lease Highlights

  • Brand-new 2024 construction
  • Raising Cane’s will be executing a brand new 14-year ground lease with 5 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Raising Cane's is strategically located at the hard corner intersection of Gibson Blvd. and Alumni Drive, with access to a combined daily traffic count of 40,000 vehicles. The property is conveniently situated within a 3-mile radius of the University of New Mexico (22,852 students) and Central New Mexico CC (27,705 students). Additionally, it is positioned less than one mile from Albuquerque...

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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: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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Listing Broker

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