Wesley Chapel. FL - Raising Cane's

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, Raising Cane’s investment property located in Wesley Chapel, Florida. The tenant 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, 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. Raising Cane’s is one of the fastest-growing restaurant brands, with 800+ restaurants in 40+ states, and plans to open 100 new restaurants across several new markets in 2025.

The asset has excellent position as an outparcel to the Tampa Premium Outlets, featuring 414K+ square feet of retail space, occupied by tenants including Nike, Adidas, Under Armor, and, Chick-fil-A, McDonald’s, and Starbucks pads. The outlets rank in the 96th percentile among shopping centers nationwide with 5.5M+ annual visits
(per Placer.ai). The site will receive significant crossover retail exposure from the outlets in addition to nearby tenants including Costco, Total Wine, Burlington, and Hobby Lobby. The subject property is directly accessible via State Road 54/56 (77,000 VPD) and is nearby on/off ramps of Interstate 75 (122,500 VPD), a major north/south traveling highway that connects the site directly to downtown Tampa, the third largest city in the state with 400K+ residents. The immediate area is supported by a dense, affluent consumer base consisting of many residential and apartment communities including over 1,000 units within a 1-mile radius of the site. The 5-mile trade area is supported by a population of over 123,700 residents and 41,700 employees with an average household income of $138,958. Wesley Chapel represents the most dominant retail market North of Tampa with 2M+ square feet of retail space supported by a rapidly growing residential population with many planned developments.