Investment Overview

Marcus & Millichap is pleased to exclusively offer a new construction 15-year Raising Cane’s ground lease that is on track to be completed and open in July 2024. The lease is an absolute triple-net lease with zero landlord responsibilities and corporately guaranteed by Raising Cane’s Restaurants, LLC, which boasts over 750 locations. The base lease term spans 15 years with the option to extend for five additional periods of 5 years each, ensuring stability and potential for long-term returns. Rental increases of 10% are scheduled every five years throughout both the base term and option periods, aligning with market trends. Strategically positioned at a stoplight hard corner entrance to Southridge Mall, the second largest mall in Wisconsin, the property benefits from strong real estate fundamentals. Its double drive-thru configuration maximizes stacking and customer traffic flow, enhancing its attractiveness to tenants. With a sizable 1.10-acre lot and extensive frontage along 76th Street, the property enjoys high visibility and accessibility, with approximately 22,300 vehicles passing by daily. The modest annual rental rate of $140,000 is considered low-end for the tenant, further bolstering the investment's appeal. Situated within a major retail corridor, the property is across from a Walmart Supercenter and hosts several notable tenants, including Petco, Dollar Tree, and Starbucks. Southridge Mall, home to 125 stores and services, features anchor tenants such as Macy’s, JCPenney, and Dick’s Sporting Goods, fostering a robust consumer base. Adjacent to the property, a new Bank of America construction is set to commence in summer 2024, promising additional foot traffic and economic activity to the area. The property's location within the Milwaukee MSA ensures a highly populated surrounding area, with 94,509 residents and 78,704 employees within a three-mile radius. The average household income exceeds $92,000, indicative of a prosperous local economy. Situated just 11.7 miles southwest of downtown Milwaukee and 5.7 miles from Milwaukee Mitchell International Airport, the property benefits from convenient access to key transportation hubs.