Raising Cane's Ground Lease
Closed3300 Buford Dr, Buford, GA 30519
Property type
Retail
Unit / Space count
1
Price
$3,903,000
Building size
3,331 sf
Rentable area
3,331 SF
Year built
2022
Year renovated
Occupancy
Zoning code
Lot size
1.06 Acres
Sold/status
Sold · Date unknown
Sale price
$3903000
CAP
4.74%
Net Operating Income
$185,000
Property description
Franklin Street is pleased to present this Raising Cane’s location in Buford, the first in Metro Atlanta and shadow-anchored by Mall of Georgia (1.8 MSF, 225 stores), which is the largest mall in the state with over 14 million annual visitors. Buford is a northern suburb of Atlanta and just a 30 minute drive from in-town Atlanta up I-85. The property is located on the most heavily trafficked non-interstate road in the state of Georgia with 92,600 VPD. The lighted hard corner site is surrounded by a strong mix of well-established national tenants in a dense retail corridor, including Costco, Sam’s Club, Target, Lowe’s, Home Depot, Dick’s Sporting Goods and many others. The average Raising Cane's location has sales of $3.85M, and due to the trophy type location of this property they project to do much stronger here, giving them a very low rent to sales ratio. Adding additional traffic to the corridor is the newly developed Exchange @ Gwinnett on the other side of the interstate, which features over 100 acres of mixed-use development with Top Golf, Andretti's, and Sprouts anchoring the development. The area is densely populated with 190,000 residents living within 15 minutes and the trade area being much larger than that due to the pull of the Mall of Georgia. The starting rent is a replaceable rent number with retailers willing to offer significantly higher than that on this corridor for ground leases, which should lead to future upside if the tenant ever left.
Property highlights
- New 15-Year Absolute NNN Ground Lease Across From Mall of Georgia (Simon Owned)
- Raising Cane's has the Second Highest Sales PSF in the QSR Industry Only Behind Chick-fil-A
- One of the Top Retail Corridors in the State of Georgia and Southeast
- Hard Corner Lighted Intersection with 92,600 VPD in Front of the Property
- 10% Rental Increases Every 5 Years and No Landlord Responsibilities
- First Raising Cane’s in Metro Atlanta With Rare Double Drive-Thru
- Over the Next 12 Months Raising Cane's Plans 100 New Locations in 10 New Markets
- Easy Access to I-85 (94,400 VPD) and I-985 (70,400 VPD) Exits
- Surrounded By Major National Retailers: Top Golf, Target, Walmart, Home Depot, Lowe's, LA Fitness, Sam's Club, Among Every Other National Big Box Retailer