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2 N Michigan Ave (Raising Cane's)

$10,780,000

2 Michigan Avenue, Chicago, IL 60602

Active
Last Updated: 11/27/2024

6

Cap Rate

646,931

NOI

Details:
Cap Rate:    6%
NOI:    $646,931
Building Size:    5,076 sqft
Lot Area:    0.12 acres
Tenancy:    Single
Highlights:
  • Raising Cane’s is a fast-food restaurant chain renowned for its highly focused chicken tender-centric menu. Founded in Baton Rouge, Louisiana in 1996, Raising Cane’s has garnered a loyal following for its commitment to providing fresh, never-frozen chicken tenders cooked to perfection and accompanied by Cane’s Sauce, crinkle-cut fries, coleslaw, Texas toast, and sweet tea.
  • The restaurant’s commitment to quality extends beyond food. Raising Cane’s prides itself on providing a clean and inviting dining environment, as well as friendly and efficient service. Whether customers dine in, drive-thru, or opt for takeout, Raising Cane’s delivers a consistently enjoyable experience.
  • The North Michigan Avenue retail corridor between Oak Street to the north and Adams Street to the south is one of the most iconic commercial districts in the United States. This corridor, commonly referred to as the “Magnificent Mile’, attracts a diverse lineup of retailers including luxury fashion houses, digitally native brands, high-end national retailers, and entertainment-based offerings. This stretch of the Magnificent Mile is home to over 3.2 million square feet of retail space, including three vertical malls.
Description:

Mid-America Real Estate Corporation has been retained on behalf of the owner to sell a retail property leased to Raising Cane’s located along Chicago’s iconic Michigan Avenue and directly across the street from Millennium Park. This phenomenally positioned asset offers a long-term net lease vertically separated retail property at the base of a luxury residential building.

Map:
Documents:
Title
Raising_Canes_-_2_N_Michigan_Avenue_OM.pdf
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Location
Gallery