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Raising Cane’s Ground Lease, Santa Maria, CA

Raising Cane’s Ground Lease

Santa Maria, CA

Price $5,875,000
Cap Rate 4.00%
NOI $235,000
Lease Term 15 Years
Lease Type Absolute NNN Ground Lease With Tenant Responsible For All Taxes, Insurance, Maintenance, And Repair Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size ±3,172 SF
Lot Size 0.80 Acres (34,848 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

15-YEAR ABSOLUTE NNN GROUND LEASE TO STRONG RETAILTENANT
» New 15-year ground lease to strong tenant
» 10% rental increases every five years
» Ideal investment opportunity for an out-of-area investor
» Raising Cane’s opened more than 120 locations between 2020 and 2021
» New high-quality 2022 construction featuring a dual-lane drive-thru and bypass lane for added customer convenience

POPULOUS LOCATION WITH ACCESS TO OVER 160K DAILY VEHICLES
» Strong daytime traffic along Betteravia Road and South College Drive with excellent visibility and access to 44,121 combined vehicles per day at the signalized intersection
» Prime location between U.S. Highway 101 (77,500 AADT) and U.S. 101 Business/South Broadway (38,700 AADT)
» Established community with 144,897 residents within five miles of the property (10% growth since 2010)
» $102,112 average annual household income within five miles (projected 21% increase by 2027)
» Access to over 446,475 people in the immediate trade area
» 120 miles from Los Angeles County (9.83 million residents), the most-populous county in the U.S.

DENSE RETAIL CORRIDOR NEAR COMMUNITY HUBS AND NEARBY SCHOOLS WITH OVER 25K STUDENTS
» High-density retail corridor with six car dealerships within one mile of the property, drawing significant traffic to the area
» Part of the Regional Enos Ranch Shopping Corridor anchored by ALDI with nearby tenants Lowe’s Home Improvement, DICK’s Sporting Goods, Petco, HomeGoods, Chipotle, Chick-fil-A, and numerous others promoting crossover traffic
» 1.9 miles from Santa Maria High School (3,081 students), the largest school in the city and immediately surrounded by schools within the Santa Maria-Bonita School District (16,665 students, 2,100 employees), the largest school district in the County
» 2.8 miles from Allan Hancock College (11,285 students, 1,480 employees) and 3.3 miles from Santa Maria Airport District and Marian Regional Medical Center (191 beds)


Property Description

» The property has excellent visibility at the signalized intersection of Betteravia Road and South College Drive with access to a combined 44,121 vehicles per day and is situated strategically between U.S. Highway 101 (77,500 AADT) and U.S. 101 Business/South Broadway (38,700 AADT)
» Raising Cane’s is part of the Enos Ranch West Shopping Center anchored by ALDI with nearby tenants such as Lowe’s Home Improvement, DICK’s Sporting Goods, Petco, HomeGoods, Chipotle, Chick-fil-A, and numerous others and benefits from its prime location in a high-density retail corridor
» The site is 1.9 miles from Santa Maria High School (3,081 students), the largest school in the city, and is immediately surrounded by schools within the Santa Maria-Bonita School District (16,665 students, 2,100 employees), the largest school district in Santa Barbara County
» The property is 2.8 miles from Allan Hancock College (11,285 students, 1,480 employees) and 3.3 miles from Santa Maria Airport District and Marian Regional Medical Center (191 beds)
» The site is in an established community with an average annual household income of $102,112 (projected to increase 21% by 2027) and supported by 144,897 residents within a five-mile radius
» The location provides access to over 446,475 people in the immediate trade area and is just 120 miles from Los Angeles County (9.83 million residents), the most populous county in the U.S.

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