ParaSell, Inc., as exclusive advisor to Seller, is pleased to present the opportunity to acquire the fee simple interest in a single tenant Raising Cane’s located in Springfield, Illinois (the “Property”). The Property features new 2023 construction built to Raising Cane’s latest prototype, including a high-capacity double lane drive-thru designed to support the brand’s high-volume operating model. The Property is leased directly to Raising Cane’s Restaurants, L.L.C. and is secured by an absolute NNN lease with ± 11.5 years of firm term remaining through March 2038, followed by five (5), 5-year renewal options that can extend occupancy through March 2063.
Raising Cane’s is one of the strongest and fastest-growing concepts in the U.S. restaurant industry, operating 1000+ locations and generating $6.6 Million in average unit volume, ranking among the top-performing restaurant chains in the country. The lease structure provides a Purchaser with zero landlord responsibilities, while 10% rent increases every five years grows annual rent from $125,000 today to more than $243,000 during the final option period. Current rent is approximately 40% below average market rent, providing long-term contractual income growth while maintaining an attractive occupancy cost for the tenant.
The Property is strategically positioned as an outparcel to Southwest Plaza, a 370,000 SF Class A shopping center anchored by Academy Sports, Best Buy, Ross, PetSmart, DSW, and Barnes & Noble. The surrounding Wabash Avenue/Veterans Parkway corridor represents Springfield’s premier retail node, with a deep concentration of nationally recognized retailers and restaurants, including top-performing, Lowe’s, Sam’s Club, & Chick-fil-A locations. The trade area is further reinforced by White Oaks Mall and White Oaks Plaza, which generate a combined 9.8 million annual visits (per Placer.ai).
The Property also benefits from a prominent location near the signalized intersection of Wabash Avenue and White Oaks Drive, with nearby traffic counts reaching approximately 32,000 VPD at Wabash Avenue and Route 4/Veterans Parkway. Nearly 100,000 residents live within five miles, while average household incomes reach $118,355 within three miles. As the state capital of Illinois, Springfield is anchored by government, healthcare, education, and financial services and serves as a major employment, medical, retail, and service hub for central Illinois. Supported by best-in-class corporate tenancy, long-term absolute NNN income, below-market rent, contractual rent growth, and a premier retail location, the offering provides a compelling opportunity to acquire a high-quality net lease asset within one of central Illinois’ most established commercial markets.