Overview
Cushman & Wakefield is pleased to present for sale the leased fee
interest (land ownership) in an absolute NNN, newly-constructed, double drive-thru equipped Raising Cane’s investment property located in Fort Wayne, Indiana. The tenant, Raising Cane’s Restaurants, LLC, recently signed a brand new 15-year lease with 5 (5-year) options to extend. The lease features 7.5% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation.
Investment Highlights
Absolute NNN Ground Lease - 14.7+ Years Remaining on Primary Term Plus (5) 5-Year Options with 7.5% Rent Increases Every 5 years
Strong Corporate Guarantee – Raising Cane’s was founded 28 years ago and is one of America’s Fastest Growing Restaurant Chains with 800+ Locations Nationwide and an Average Unit Volume of $6.2M
Exceedingly Strong Site Fundamentals – New Construction in 2024 with Double Drive-Thru on 1.122-Acre Parcel situated with excellent frontage and visibility at the main entrance to a highly successful, 355,000 SF regional shopping center with over 3.1M visits per year
Strategically Positioned in Fort Wayne’s Premier Retail Corridor– 4M+ SF of Regional, Community and Neighborhood Retail within a 1-Mile Radius
Strong Demographics and Traffic –
· Vehicles Per Day – 54,100 on Coliseum Boulevard
· 5-Mile Population – 184,994
· 5-Mile AHHI - $81,630
