(Minneapolis, MN) — June 7, 2022 — NAI Legacy is pleased to announce that they have completed the sale of 3065 White Bear Ave, Maplewood, Minnesota. The brand new construction, single-tenant property was ground leased to Raising Cane’s Chicken Fingers at the Maplewood Mall for 15+ Years.
Michael Houge, Managing Director at NAI Legacy commented, “We knew that Raising Cane’s would be highly attractive for 1031 investors, and by widely marketing it, we ended up with several interested buyers and had an ‘auction effect’ that made it possible to deliver our seller a price better than our asking price.”
The American fast-food restaurant 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 brought in $1.5B in revenue in 2020 (Forbes). Their revenue tripled in size in just four years, in part due to their fast 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 from Colliers represented the California-based investor.
About NAI Legacy
NAI Legacy is the tax-efficient investment platform in the NAI Global Network. NAI Legacy operates as both a provider of real estate investment products and investment services. Our investment division provides our clients with tax-efficient real estate investment solutions such as Delaware Statutory Trust offerings (DSTs), Funds, and Direct investment opportunities. Our service 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 every major market in the United States with over 300 office locations. Our unique offerings of both products and services supported by a national network, allow us to tailor investment services directly for a client’s unique investment criteria across asset classes, geography, risk tolerance, and investment preference.