November Capital / May 23, 2022
Deal Announcement: November Capital Sells New Construction Raising Cane’s Property in Waukegan
May 25, 2022 – WAUKEGAN, ILLINOIS
November Capital arranged for the disposition of a brand new construction Raising Cane’s Chicken Fingers property in Waukegan, Illinois. The property sold for approximately $3.3M or a 3.96% cap rate.
Raising Cane’s is committed to their new Waukegan site on a long term ground lease with a primary term that runs through 2037 as part of their aggressive national rollout. The 1.5 acre signalized hard corner is an outparcel to the bustling Walmart anchored Fountain Square shopping center. The site benefits from ample traffic (approximately 60,000 cars per day) coming from Belvidere Road and Waukegan Road.
The newly completed Raising Cane’s location is steps away from the planned American Place Casino (1,640 slot machines and 100+ table games, sports betting, a 1,500 seat entertainment venue, 20 room boutique hotel and a heliport.) American Place will transform Waukegan’s Fountain Square into an unrivaled, upscale gaming and entertainment destination.
The recently completed restaurant was built to Raising Cane’s newest prototype double drive thru design. The site features both indoor dining and outdoor patio seating.
November Capital represented the seller, a Midwest based development and investment firm. The buyer was a private investor.
The chicken finger restaurant now boasts over 600 locations. Over the next 12 months, Raising Cane’s plans to open 100 new locations across 10 new markets. To accomplish this growth, Cane’s will add over 15,000 new jobs in 2022.
About November Capital
November Capital is dedicated to assisting clients in the acquisition and disposition of net leased retail, industrial, medical and office properties across the United States.
Contact: Jeffrey Weil