Investment Offering
Corona, CA - Raising Cane's
840 N. Main Street | Corona, CA 92878
$7,250,000
Price4%
Cap Rate$290,000
NOI3,660
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a net leased, drive-thru equipped, newly-constructed Raising Cane’s investment property located in Corona, California within Parkridge Plaza, a highly anticipated class A new retail destination for Corona and the surrounding trade area. The tenant, Raising Cane’s Restaurants, L.L.C., recently signed a brand new 15-year lease with 3 (5-year) options to extend and one additional 4-year option, demonstrating their commitment to the site. The lease features 10% increases every 5 years during the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NNN, making it an ideal, no-management investment opportunity for a passive investor. Founded in 1996, Raising Cane’s is an established and nationally-recognized brand with over 600 locations.
Location
Raising Cane’s is strategically located near the signalized, hard-corner intersection of W. Parkridge Avenue and N. Main Street, averaging a combined 41,700 vehicles passing by daily. Furthermore, the asset is positioned near the on/off ramps to two major freeways, Interstate 15 (157,000 VPD), and State Highway 91 (233,000 VPD). In addition, the site benefits from excellent visibility via significant street frontage and multiple large monument signs. Moreover, the building is equipped with a double drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The Raising Cane’s is ideally situated in the heart of a dense retail corridor, with numerous nearby shopping centers including Gateway Town Center (264,000+ SF), North Main Plaza (225,000+ SF), and Corona Hills Plaza (530,000+ SF). Nearby national/credit tenants include Target, Costco, Walmart Supercenter, Smart & Final, Stater Bros, Vons, T.J. Maxx, Ross Dress for Less, The Home Depot, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Raising Cane’s is located in close proximity to several luxury apartment complexes, including Artisan at Main Street Metro (400+ units), One11 (178 units), and Metro at Main (298 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by over 266,000 residents and 90,000 employees, with an affluent average household income of $125,799.
Documents & Links
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 Offering Memorandum |  |  |
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215