The Boulder Group completed the sale of a single-tenant net-leased Raising Cane’s property at 311 Veterans Parkway in Normal, Illinois, for more than $3.05 million, 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.