JLL Capital Markets has closed the $2.5 million sale of a 3,343-square-foot, single-tenant retail building ground leased to Raising Cane’s Chicken Fingers in the Chicago-area community of Batavia, Illinois.
JLL marketed the property on behalf of the seller, Kensington Development Partners. A high-net-worth family trust purchased the asset, representing a continued demand of unique private capital sources in the net-lease marketplace.
Raising Cane’s has occupied the building since it was completed in the early part of 2020 and has a 15-year ground lease. Situated on a 1.1-acre site at 1998 McKee Street, the building is in Batavia, an established and high-income suburban market in western Chicago featuring annual household incomes north of $130,000. The retail property is at the intersection of McKee Street and North Randall Road, a dense retail trade area anchored by high-performing banners, including Target and Menards.
The JLL Capital Markets team representing the seller was led by managing director Alex Sharrin and director Alex Geanakos.
“New construction, quick-service restaurants have garnered investor interest at or even beyond pre-COVID levels,” Sharrin said. “Those featuring stable corporate operators and strong anticipated EBITDA margins at the unit-level have yielded exceptional pricing in 2020.”