The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant ground leased Raising Cane\u2019s restaurant property located at 4200 North Sterling Avenue in Peoria, Illinois for $2,525,000.<\/p>\n
The property is located at 4200 North Sterling Avenue in Peoria, Illinois, within the Peoria, Illinois Metropolitan Statistical Area (Peoria MSA). North Sterling Avenue carries approximately 31,500 vehicles per day. Interstate 74 carries approximately 32,500 vehicles per day near the property. US Highway 150 carries approximately 40,900 vehicles per day near the property. The Raising Cane\u2019s is positioned as an outparcel to Northwoods Mall, the largest enclosed shopping center in the Peoria tri-county area. National retailers near the property include Target, Lowe\u2019s, T.J. Maxx, Ross Dress for Less, Burlington, Ulta Beauty, Petco, Michaels and Binny\u2019s Beverage Depot. Nearby restaurants include Portillo\u2019s, Chipotle, Chick-fil-A, Panera Bread and Mission BBQ. Kroger operates a Sterling Bazaar grocery store within the immediate trade area. The population within five miles of the property exceeds 115,000 residents. The average household income within three miles of the property exceeds $85,000. The Peoria MSA is a six-county metropolitan statistical area in Central Illinois anchored by the city of Peoria, with a population of 402,391 as of the 2020 U.S. Census. The property is located in Peoria County, Illinois.<\/p>\n
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a Midwest based developer. The buyer was a West coast based individual completing a 1031 exchange.<\/p>\n
Raising Cane\u2019s Restaurants, L.L.C., doing business as Raising Cane\u2019s, is headquartered in Baton Rouge, Louisiana. The company traces its founding to 1996, when Todd Graves opened the first Raising Cane\u2019s location. Raising Cane\u2019s now operates more than 900 restaurants across the United States. The company employs more than 50,000 people nationwide. Raising Cane\u2019s is built around a single core menu of chicken finger meals, crinkle-cut fries, coleslaw, Texas toast and its signature Cane\u2019s Sauce, served through dine-in, drive-thru, carryout and delivery formats. Raising Cane\u2019s carries an investment-grade credit rating.<\/p>\n
\u201cInvestor appetite for high-quality, drive-thru quick service restaurant real estate has stayed strong all year, even as interest rates have moved around,\u201d said Randy Blankstein, President of The Boulder Group. \u201cGround leases from top-tier brands like Raising Cane’s continue to be some of the most sought-after product in the net lease market.\u201d Jimmy Goodman, Partner of The Boulder Group, added, \u201cThis property drew strong interest right out of the gate given its outparcel position to Northwoods Mall and its brand-new construction, and that let us move quickly and get the seller to closing.\u201d John Feeney, Senior Vice President of The Boulder Group, noted, \u201cThe buyer was completing a 1031 exchange and was drawn to the long-term ground lease structure, the built-in rent increases and the chance to hold a passive, management-free asset backed by a growing national brand.\u201d<\/p>\n