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Views: 228 DOM: 107 Updated: 09.12.24 Posted: 08.06.24 Status: Active

Summary

Price $3,138,000
Built/Renov 2021
Tenant Raising Cane's (GL)
Cap Rate 4.50%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 3,311
Lease Start 01-05-2021
#Units 749
Price/SF $947.75
Expiration 01-31-2036
Tenant Type Fast Casual/Rest.
NOI $141,200
R. Term 11.2
Ownership Ground Lease
Rent/SF $42.65
Increases 10.0%/5/yrs
Pop 5Mi 269,720
Lot/AC 1.22
Options 4/5yrs/10%
AHHI 5Mi $132,838

Lease Highlights

  • Raising Cane's has 11+ 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 at the signalized, hard-corner intersection of West 11400 South and South River Heights Drive, with access to a combined daily traffic count of 29,066 vehicles. The property is immediately east of Daybreak, a 4,000-acre master-planned community with over 10,000 homes and 30,000 residents. Daybreak is developing a new downtown center that will include a...

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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
2029 Total Population : 19,338 128,976 282,641
2024 Total Population : 19,422 126,552 274,348
2024 Employed Civilian Pop : 10,477 67,121 149,822
2024 Total Businesses : 349 2,115 6,686
2024 Average Household Income : $ 174,099 $ 161,129 $ 150,240
2024 Total Consumer Spending : $ 827 M $ 5315 M $ 10856 M
2024 Median Age : 31 33 32
2024 Total Households : 5,519 38,394 83,782
2024 Pop Age 25+: Bachelor's Degree : 3,438 22,141 46,438
2024 Average Home Value : $ 662,880 $ 672,583 $ 663,047
*ESRI data is presented for informational purposes only

Listing Broker

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