San Bernardino, CA - Raising Cane's

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, drive-thru equipped, Raising Cane’s investment property located in San Bernardino, CA. The tenant has over 11 years remaining in their initial term with 3 (5-year) and 1 (4-year) options to extend, demonstrating their commitment to the site. The lease features variable rental increases throughout the initial term and 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

Raising Cane’s is strategically positioned along Tippecanoe Ave, a primary retail and commuter thoroughfare averaging 40,800 vehicles passing by daily. The site benefits from nearby direct on/off ramp access to I-10 (194,000 VPD), the fourth longest interstate in the US spanning from Florida to California. A large monument sign and significant street frontage provide excellent visibility to travelers passing the site. The store is equipped with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. Furthermore, Raising Cane’s is surrounded by numerous shopping centers including Inland Center Shopping Mall (988,535 SF), Mountain Grove Shopping Center (454,452 SF), and Tri-City Shopping Mall (336,703 SF). Other nearby national/credit tenants include Costco Wholesale, Walmart Supercenter, The Home Depot, Best Buy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. In addition, Raising Cane’s is located within a hospitality cluster consisting of over 5 lodging options within a 0.5-mile radius, providing a direct consumer base from which to draw. Moreover, Raising Cane’s is directly across from Loma Linda University, a private university with enrollment of more than 4,500 students and a staff of around 1,660. Furthermore, the property benefits from its proximity to San Bernardino International Airport, a public airport supporting over 57,000 commercial, cargo, and military flight operations annually. The 5-mile trade area is supported by over 255,000 residents and 142,000 daytime employees with an average household income of $68,936.

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Listing ID: a284o000001MwYHAA0