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Views: 29 DOM: 27 Updated: 09.16.24 Posted: 08.19.24 Status: Sold 09.16.24

Summary

Price $2,600,000 $2,600,000
Built/Renov 2022
Tenant Raising Cane's (GL)
Cap Rate 5.00% 5.00%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 3,400
Lease Start 05-06-2022
#Units 749
Price/SF $764.71 $764.71
Expiration 05-31-2037
Tenant Type Fast Casual/Rest.
NOI $130,000
R. Term 12.8
Ownership Ground Lease
Rent/SF $38.24
Increases 10.0%/5/yrs
Pop 5Mi 243,387
Lot/AC 1.47
Options 4/5yrs/10%
AHHI 5Mi $69,365

Lease Highlights

  • New 2022 construction
  • Raising Cane’s has 12+ years remaining on the current ground lease term with 4 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Raising Cane's is strategically located on East Ajo Way, with access to 27,165 vehicles passing by daily. The property is conveniently adjacent to Kino Sports Complex, a 300-acre multi-use facility that hosts the professional FC Tucson soccer team and is near the approved multi-billion dollar Mosaic Quarter development. Additionally, it is less than 1 mile from Banner University Medical Center...

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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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