NAI Legacy Completes Sale of $3.4 Million Land Lease to Raising Cane
Net rental investment
MINNEAPOLIS, MN, USA, June 7, 2022 /EINPresswire.com/ — NAI Legacy is pleased to announce that it has completed the sale of 3065 White Bear Ave, Maplewood, Minnesota. The brand new construction, single-tenant property, has been ground leased to Raising Cane’s Chicken Fingers at Maplewood Mall for over 15 years.
Michael Houge, Managing Director of NAI Legacy, said, “We knew Raising Cane’s would be very attractive to 1031 investors, and by marketing it widely, we ended up with several interested buyers and had a ‘bidding effect’ that allowed our seller to deliver a better price than our asking price.
The American fast food chain specializing in chicken fingers was founded in 1996 in Raton Rouge, Louisiana. They have since expanded to over 600 locations across the United States (2022), with over 3,100 employees. The private company generated $1.5 billion in revenue in 2020 (Forbes). Their income has tripled in just four years, thanks in part to their rapid response to the COVID-19 pandemic. The momentum they started during this time has continued.
Michael Houge of NAI Legacy represented the seller and Ken Tsukahara of Colliers represented the California-based investor.
About NAI Legacy
NAI Legacy is the tax-efficient investment platform of the NAI global network. NAI Legacy operates as both a provider of real estate investment products and investment services. Our investment division offers our clients tax-efficient real estate investment solutions such as Delaware Statutory Trust (DST) offerings, funds, and direct investment opportunities. Our services division provides clients with comprehensive investment solutions through brokerage, property management and accounting. Through our affiliation with the NAI Global Network, we have direct access to all major US markets with over 300 offices. Our unique product and service offerings backed by a national network allow us to directly tailor investment services to a client’s unique investment criteria across asset classes, geography, risk tolerance and investment preferences.
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