Investment Offering
Homestead (Miami), FL - Raising Cane's
2301 NE 8th Street | Homestead, FL 33033
$5,715,000
Price3.85%
Cap Rate$220,000
NOI3,267
± SF Offering GLA1
± AC Land AreaDescription
New 15-Year Lease | Options To Extend | Corporate Signed | 10% Rental Increases | One of First FL Sites
• Brand new 15-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site
• Lease is signed by the corporate entity, Raising Cane’s Restaurants, LLC
• The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation
• Raising Cane’s is an established and nationally recognized brand with over 600 locations and one of the fastest growing chains in the U.S.
• This location will be one of the first Florida Raising Cane’s, targeting a brand new consumer base
Absolute NNN (Ground Lease) | Land Ownership | Zero Landlord Responsibilities | No State Income Tax
• Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
• No landlord responsibilities
• Ideal, management-free investment for a passive investor in a state with no state income tax
Location
Homestead Pavilion Outparcel | Dominant S. FL Shopping Center | 98% National/Credit Tenants | Future Target (Q4 2022)
• Raising Cane’s is strategically located as an outparcel to Homestead Pavilion, a 450k SF shopping center that is one of South Florida’s most dominant shopping centers
• Homestead Pavilion’s tenant mix consists of 98% national/credit tenants such as Kohl’s, Ross, Bed Bath & Beyond, T.J. Maxx, Chipotle, Panera, and more
• Target (73,000 SF) is currently under construction on the East side of the shopping center that is expected to be completed in the 4th quarter of 2022
Signalized, Hard Corner Intersection | Directly off FL’s Turnpike | Best Positioned Parcel | Dual Drive-Thru Equipped
• Subject property is strategically located at the signalized, hard corner intersection of Campbell Drive and Newton Road
• Directly off Florida’s Turnpike/Ronald Reagan Turnpike (63,400 VPD)
• This location is the best positioned parcel in the entire development given the signalized, hard corner intersection connecting to the Turnpike on/off ramp
• The asset is equipped with a two-lane drive-thru, providing ease and convenience for customers
• Dual drive-thru stores generate significantly higher sales and increase productivity
Documents & Links
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 Offering Memorandum |  |  |
Contact
Patrick Nutt
Sr Managing Principal & Co-Head of National Net Lease
954.302.7365954.302.7365[email protected]FL #: BK3120739