Joliet IL - Raising Cane's
$3,500,000
3000 Plainfield Road, Shorewood, IL 60435
4
Cap Rate
140,000
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, drive-thru equipped, Raising Cane’s Chicken Fingers investment property located in Joliet, Illinois (Chicago MSA). The tenant, Raising Cane’s Restaurants, L.L.C., recently executed a brand new 15-year lease with 5 (5-year) options to extend, demonstrating their long-term 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. Raising Cane’s is under an absolute NNN, corporate ground lease and is responsible for the construction and costs of all the improvements. The brand new state-of-the-art property will feature high quality construction and Raising Cane’s latest prototype. Headquartered in Baton Rouge, Louisiana, Raising Cane’s currently operates more than 500 locations across the United States.
Raising Cane’s is located along Plainfield Road, a retail thoroughfare with 34,400 vehicles passing by daily. The building will be complete with a drive-thru, providing ease and convenience for customers. On average, restaurants with drive-thrus experience high sales than those without. The property benefits from nearby on/off ramp access to Interstate 55 (83,300), a major commuter thoroughfare traveling into the heart of downtown Chicago. Raising Cane’s is ideally situated as an outparcel to Louis Joliet Mall, a 1.1 million SF regional mall anchored by Macy’s that also features a good mix of name-brand and designer retailers. Other nearby power centers include Louis Joliet Pointe (237,700 SF) and Joliet Commons Shopping Center (353,000 SF), significantly increasing consumer draw to the immediate trade area and promoting crossover retail exposure for the site. Plainfield Road is the primary commuter/retail thoroughfare serving the trade area, with a variety of national/credit tenants including Target, The Home Depot, Best Buy, Ross Dress for Less, PetSmart, Aldi, and more, further increasing exposure and crossover synergy for the asset. The 5-mile trade area is supported by nearly 194,000 residents and 62,000 daytime employees with an healthy average household income of $94,992.
Location
Gallery
