Net Leased Raising Cane’s Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Raising Cane’s property located at 311 Veterans Parkway in Normal, Illinois for $3,052,631 which was a 4.75% cap rate.

The newly constructed Raising Cane’s restaurant opened in July 2025 and is operating under a 15-year ground lease with 10% rental escalations every 5 years and five 5-year renewal options. This is the only Raising Cane’s location within a 50-mile radius.

The property is strategically positioned at the signalized intersection of Von Maur Drive and Veterans Parkway, which experiences a traffic count of 43,500 vehicles per day. The property is an outparcel to The Shoppes At College Hills, which is anchored by Target, Hobby Lobby, Von Maur, and White House Black Market. Other retailers nearby include Urban Air Trampoline and Adventure Park, Walmart, Sam’s Club, Home Depot, Menards, Best Buy, Meijer, ALDI, Kroger, Hy-Vee, Jewel-Osco, TJ Maxx, Ross, Sierra, Kohl’s, Petco, Walgreens, PNC Bank, Starbucks, Crumbl, Tropical Smoothie Café, and many others. Additionally, the property is located just 2 miles from both Illinois State University (21,546 students), and the State Farm Insurance corporate headquarters (16,000 employees). The population is 127,600 within a 5-mile radius, and the average household income is nearly $99,000.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer is a 1031 exchange investor, and the seller is a Midwest-based developer.

Raising Cane’s Chicken Fingers is a privately held fast-food chain founded in Baton Rouge, Louisiana in 1996. Raising Cane’s has grownto a successful franchise with over 800 locations across the United States and other countries such as Bahrain, Kuwait, Lebanon, Saudi Arabia, and the UAE. Known for its high-quality chicken fingers and simple menu, the restaurant’s emphasis is on quality, customer loyalty, and community involvement. The company selectively offers franchising opportunities to individuals who meet specific criteria, ensuring well-managed locations that maintain the brand’s reputation.

“Newly constructed Raising Cane’s properties with 15-year leases continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Long-term ground leases to prominent tenants are among the most desirable assets in real estate, especially with replicable rents.”

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