Raising Cane’s Chicken Fingers Lufkin,Texas

$1,781,000
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $1,781,000
  • Cap Rate: 4.38%
  • Rentable Square Feet: 3,198
  • Annual Rent: $78,000
  • Price PSF: $556.91
  • Year Built: 2020
  • Lease Type: NNN Ground Lease
  • Lease Term: 15 Years
  • Option Periods: 5, 5-Year Options
  • Rent Increases: 7.5% Every 5 Years
  • Lease Expiration: 10/31/2035

Description

2200 South 1st Street
Lufkin, Texas 75901

Investment Highlights

  • New, 15-Year Triple Net (NNN) Ground Lease With Full Term Remaining
  • 7.5 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
  • Brand New Location With Drive Thru; Currently Under Construction
  • Anticipated Opening Date: November 1, 2020
  • Outparcel to Walmart Supercenter and Sam’s Club
  • 1.5 Miles from Angelina College, a Public Community College with More Than 6,000 Undergraduate Students and Nine Additional Campuses
  • Located on South 1st Street with a Daily Traffic Count of More Than 36,000 Vehicles
  • Consistently Ranked Among the Top Restaurants for Customer Satisfaction
  • Named a Top 10 Brand for Craveability and Overall Reputation
  • Has One of the Highest Average Unit Volumes in the QSR Industry at Approximately $3.4 Million

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Raising Cane’s Chicken Fingers in Lufkin, Texas. This listing offers a new 15-year, triple net ground lease with the full lease term remaining. The tenant has five, five-year options to renew with 7.5 percent rent increases every five years throughout base term and option periods. This Raising Cane’s is a brand-new location which is currently under construction. The anticipated opening date is November 1, 2020. The subject property will include a drive thru.

The Raising Cane’s Chicken Fingers brand is consistently ranked among the top restaurants for customer satisfaction and has been named a top 10 brand for craveability and overall reputation. At approximately $3.4 million, Raising Cane’s has one of the highest average unit volumes in the QSR industry. Raising Cane’s currently has more than 500 restaurants in 27 states, Bahrain, Kuwait, Saudi Arabia and the United Arab Emirates. It’s among the fastest growing chains in the industry with multiple new restaurants under construction, including the Subject Property in Lufkin. The chain recently surpassed $1.5 billion in annual sales, tripling in size in just four years.

The subject property is located off South 1st Street with a daily traffic count of more than 36,000 vehicles and is an outparcel to Walmart Supercenter and Sam’s Club. Lufkin is conveniently located 119 miles north of Houston, and 174 miles southeast of Dallas. This property is located in a very busy retail corridor 2.5 miles from Downtown Lufkin. Raising Cane’s is less than one mile from Lufkin Mall which is anchored by major tenants such as TJ Maxx, Cato and Hibbett Sports. Other surrounding national retailers in the area include Lowe’s, Ashley Furniture Homestore, Tractor Supply Company, Ross, Bed Bath & Beyond, Best Buy, Hobby Lobby, The Home Depot, Target, Buffalo Wild Wings, Chick-fil-A, Red Lobster, Outback Steakhouse, IHOP, Taco Bell, Starbucks and many more.

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