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Quincy, IL - Raising Cane's
NEC 36th St & Broadway St | Quincy, IL 62301
Description
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, Raising Cane’s investment property located in Quincy, Illinois. The tenant, Raising Cane’s Restaurants, LLC 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. The subject property opened for business October 2024.
Location
The Raising Cane’s is located at the signalized, hard-corner intersection of N 36th St and Broadway St, which combine to average over 40,000 vehicles passing by daily. Broadway St is a major retail thoroughfare serving the city of Quincy. The subject property is an outparcel to Target, which also features pads of Dollar Tree, Steak ‘n Shake, and Applebee’s. The asset is located directly across from Quincy Commons Shopping Center, a Hobby Lobby anchored shopping mall, with other national/credit tenants including Hy-Vee, Panera Bread, Taco Bell, and many more. In addition, Raising Cane’s is also located less than half a mile from Quincy Town Center, an indoor shopping mall with over 540,000 square feet of retail space, with pads featuring tenants such as Aldi, McDonald’s, and many more. The property is in the center of a primary retail corridor with other nearby national tenants including a Walmart Supercenter, Sam’s Club, Lowe’s, Home Depot, Kohl’s, Wendy’s, Texas Roadhouse, Dunkin’ Donuts, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 48,500 with an average household income of $81,864.
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