Rio Rancho, NM - Raising Cane's

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, newly-constructed, double drive-thru equipped Raising Cane’s investment property located in Rio Rancho, New Mexico (Albuquerque MSA). The tenant, Raising Cane’s Restaurants, LLC, recently signed a brand new 15-year lease with 5 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed by the corporate entity, Raising Cane’s Restaurants, LLC, and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Founded in 1996, Raising Cane’s is a well-known and established QSR chicken brand with more than 700 restaurants around the world and several new restaurants in development.

The subject property is strategically located at the signalized, hard-corner intersection of Southern Boulevard SE and Unser Boulevard SE, which averages 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 situated in the heart of a local retail corridor, and within walking distance to a Walmart Supercenter. Other nearby national/credit tenants include Walgreens, Aaron’s, Dollar Tree, O’Reilly Auto Parts, Starbucks, Chick-fil-A, Circle K, AutoZone, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by approximately 153,000 residents and 38,000 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $105,521. Rio Rancho is a prosperous, family-friendly suburb of Albuquerque, the largest city in the state of New Mexico.