Suburban Chicago single-tenant retail building trades hands
JLL Capital Markets closed the $2.5M sale of building ground leased to Raising Cane’s in Batavia
CHICAGO, November 19, 2020 – JLL Capital Markets announced today that it 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 Chicken Fingers has more than 520 restaurants in 28 states, as well as in Bahrain, Kuwait, Saudi Arabia and the United Arab Emirates, with multiple new restaurants under construction. Completed in 2020, Raising Cane’s has occupied the building since the early part of 2020 and has a 15-year ground lease. Situated on 1.1 acre at 1998 McKee St., 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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.