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JLL is pleased to offer for sale the fee simple ground lease interest in a freestanding single-tenant Raising Cane's located in Baldwin Park, CA. Raising Cane‘s Restaurants, LLC is the corporate parent of the Raising Cane's chicken empire that has been ranked as one of the best and most profitable restaurants in the quick-service industry. The tenant has an absolute NNN ground lease with no landlord responsibilities and located as an outparcel to the 100% occupied Sierra Shopping Center anchored by Target.
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• The tenant operates on an absolute NNN ground lease with no landlord responsibilities
•There are 15 years of lease term remaining with 3, 5-year and 1, 4-year options to renew and 10% rental escalations every 5 years
•The asset resembles Raising Cane’s new 2020 prototype featuring two drive-thru lanes, which are critical in today’s COVID economy
•The lease is backed by a corporate guarantee from Raising Cane’s Restaurants; Business Insider named Raising Cane’s the Top Restaurant Chain of 2017
•Raising Cane’s had nearly $1.5 billion in sales during 2019, up 25% year over year from 2018, and an average comparable store sales of $3.6 million in 2019 which ranked 3rd in the QSR industry
•The asset is situated as an outparcel to the +/-220,000 square feet Target-anchored retail center that is 100% occupied with other national retailers Bob’s Furniture, Party City and Food 4 Less
• Located near the intersection of Francisquito Avenue and Baldwin Park Boulevard the Asset has frontage and visibility to over 49,000+ VPD