Riverside, CA - 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 leased, Raising Cane’s investment property located in Riverside, California. The tenant, Raising Cane’s Restaurants, LLC, recently signed a brand new 15 year lease with 3 (5-year) and 1 (4-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, steadily 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. Lastly, the offering also includes an additional off site pad / parcel (0.31 acres) which the tenant is utilizing for employee parking, adding future upside for a potential investor.

The asset is located at the signalized, hard corner intersection of Central Avenue and Magnolia Avenue with a combined 66,200 vehicles passing daily. Raising Cane’s has excellent visibility at the intersection and will benefit tremendously from its position near the Riverside Plaza, a 475,000+ square foot shopping center ranking in the top 98th percentile nationwide among shopping centers with over 8.2 million annual visitors. The center features major retailers including Trader Joe’s, Vons, CVS, and QSR brands including the Habit Burger Grill, Jersey Mike’s, Wendy’s, Jack in the Box, and an adjacent Chick-fil-A. The concentration of national retailers and fast-food brands promotes crossover retail exposure and increases consumer-traffic to the site. The subject property is strategically positioned within 5-miles of the University of California Riverside (26,000+ students), Riverside City College (20,000+ students), California Baptist University (11,000+ students), Ramona High School (2,000+ students), and Riverside Polytechnic High School (2,000+ students), providing direct access to the tenant’s target market of young adults. Furthermore, Raising Cane’s is within 1-mile of an off-ramp from State Highway 91 (212,000 VPD). The 5-mile trade area is supported by a population of over 283,100 residents and 122,600 employees with an average household income of $104,129.