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RAISING CANE’SCOLORADO SPRINGS, CO

UNDER CONSTRUCTION QSR IN BOOMING COLORADO SPRINGS

RAISING CANE’S

4.65%CAP

$2,956,989PRICE

7577 NORTH ACADEMY BLVD, COLORADO SPRINGS, CO 80920

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

LOT SIZE40,538 SF

LEASE EXPIRATION5/27/2034

BUILDING SIZE3,067 SF

LEASE TYPEGROUND

NOI$137,500

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• Under construction with rent commencing May 2019

• 15-year ground lease featuring four 5-year options and 10%increases every 5 years in the base term and options

• Situated along busy retail corridor with strong neighboringtenants and traffic counts exceeding 50,000 VPD

• Less than 10 minutes from the U.S. Air Force Academy, one of the largest tourist attractions in Colorado

• Located in booming Colorado Springs, with growth rates of 14.7%

• Over 196,000 residents with household incomes exceeding $99k within a 5-mile radius

YEAR BUILT2019

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Overview

THE OFFERING is a new Raising Cane’s located within Colorado Springs, CO. The 15-year ground lease features four 5-year options to extend and 10% increases every 5 years in the base term and options.

THE SUBJECT PROPERTY is located along North Academy Boulevard and adjacent to Chapel Hills Mall and Chapel Hills East, a heavily-trafficked retail corridor in Colorado Springs, where traffic counts exceed 50,000 VPD. Surrounding retailers include Whole Foods, King Soopers, Sam’s Club, Home Depot, REI, Michaels, DSW and more. The subject property is located less than a 10 minute drive from the U.S. Air Force Academy, one of the largest tourist attractions in Colorado, welcoming more than one million visitors each year. The city’s average gross income from tourism is $2.25 billion with over 23 million visitors per year, providing a substantial boost to the retail industry. Scheels All Sports, a 220,000 sf retail space featuring entertainment attractions and 75 specialty shops and boutiques, will also be opening in 2021.

Contact the team

RAISING CANE’S HAS 420+ LOCATIONS IN 24 U.S. STATES

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

COLORADO SPRINGS is the second largest city in Colorado with a population of 464,000 residents. It is home to the University of Colorado Colorado Springs, the United States Olympic Committee Headquarters, numerous training facilities and governing bodies located within the city. Colorado Springs is positioned to become Colorado’s largest city by 2050, due to a vast number of millenials moving to the city. The city’s growth rates of 14.7% are higher than the average 10% growth rate of the 10 fastest-growing areas with millennials. Northern Colorado Springs has seen tremendous residental and retail growth.

ZANDY SMITHzsmith@capitalpacific.comPH: 415.274.2707CA DRE# 01734525

IN CONJUNCTION WITH CO LICENSED BROKER: David LeutholdLeuthold Commercial Properties303.871.9000

SURROUNDING RETAIL

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Investment Highlights

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21

83

SOUTH GATE BOULEVARD

STADIUM

BOULEVARD

ACA

DEM

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ACADEMY DRIVE

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BOU

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INTE

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PARK

WAY

AUST

IN

BLU

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PARK

WAY

N ACADEMY

BOULEVARD

UNITED STATES

AIR FORCE ACADEMY

PIKES PEAK COMMUNITY

COLLEGE

UNIVERSITY OF COLORADO

COLORADO SPRINGS ACADEMY

ACADEMYACADEMYACADEMY

FALCON STADIUM

AIR FORCE

ACADEMY HIGH

SCHOOL

AIR ACADEMY

PREP SCHOOL

AIR FORCE ACADEMY AIRFIELD 

GOLF COURSE

GO

LF

CO

URS

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GOLF COURSE

GOLF COURSE

DENVER70 MILES

100,000 VPD

124,000 VPD

58,243 VPD

22,876 VPD

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 4

Aerial

50,000 VPD

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Subject Property Renderings

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Surrounding Retail - Chapel Hills

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IN MIDDLE OF ONE OF TOP STATES FOR ECONOMIC GROWTH, COLORADO SPRINGS IS BOOMING.

August 23, 2018 (Colorado Watchdog) With Colorado consistently ranking in the top five states for economy, employment, education, health care, and best state to live, many eyes are focused on Colorado Springs, which is poised to become the state’s largest city by 2050.

Over the next 35 years, the state’s population is expected to increase by 3 million new residents, according to State Demography Office predictions.

The northern and western parts of Colorado will experience the largest population growth with some populations doubling in size (Greeley and Fort Collins) and the Western Slope growing by two-thirds. One reason for the demographic shift is because of the vast number of millennials moving to Colorado Springs.

Of the 10 fastest-growing areas with millennials and with growth rates exceeding 10 percent, Colorado Springs ranks first with 14.7 percent growth, and Denver third with 12.8 percent growth.

Forbes Magazine lists Colorado Springs as one of the best cities for business and careers in America. CNBC ranked Colorado as the ninth best place to live in America, a jump from its 14th-place ranking in 2017.

“Never mind that the Centennial State is facing historic labor shortages. It is still adding jobs at a steady clip – nearly 73,000 in the last year,” CNBC reported.

READ THE FULL ARTICLE

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In the NewsDOWNTOWN COLORADO SPRINGS DEVELOPMENT IS BOOMING.

December 3, 2018 (Colorado Springs Chamber & EDC) Colorado Springs is thriving, fueled in large part by the dramatic revitalization of its downtown area.

This year alone, the city was recognized by the Brookings Institution as the Fastest Growing City for Millennials, the No. 1 Most Desirable Place to Live by U.S. News and World Report and among the Top 25 Happiest Cities.

Game-Changing Sports DevelopmentsKnown as Olympic City USA, Colorado Springs is strengthening its already extensive sports industry with the opening of the U.S. Olympic Museum and Hall of Fame in 2019. The $75 million, 60,000 square-foot museum will be one of the most accessible and interactive museums in the country, honoring the legacies of American Olympians and Paralympians.

In addition, Colorado Springs will welcome an $8 million Pedestrian Bridge to America the Beautiful Park. The bridge will connect the extensive Legacy Loop trail system and park to the U.S. Olympic Museum and a new stadium for Colorado Springs’ minor league soccer team, the Switchbacks.

A Booming Tech Sector and Home-Grown InnovationColorado Springs is a growing hotspot for startups and tech companies. On top of the businesses that call the region home, entrepreneurs are flocking to coworking spaces like Epicentral Coworking to fuel their creative spirits.

READ THE FULL ARTICLE

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

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AT&TBest BuyBuffalo Wild WingsChipotleCulver’sDSWFive Guys

Harbor Freight ToolsHobby LobbyHome DepotKing SoopersMacy’sMichaelsOld Navy

Party CityPetSmartREIRoss Dress for LessStarbucksWalmart SupercenterWhole Foods

BUSINESS SUMMARY

KEY 1-MILE 3-MILES 5-MILES

TOTAL 1-MILE 3-MILES 5-MILES

Businesses 942 3,724 8,071

Employees 14,162 46,210 102,250

Residential Population 6,744 78,957 196,361

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Submarket Overview

RETAILERS IN CLOSE PROXIMITY INCLUDE:

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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

SURROUNDING RETAIL

PRICE $2,956,989 Capitalization Rate: 4.65%

Building Size (SF): 3,067

Lot Size (SF): 40,538

STABILIZED INCOME PER SQUARE FOOTScheduled Rent $3.39 $137,500

Effective Gross Income $3.39 $137,500

LESS PER SQUARE FOOTTaxes NNN $0.00

Insurance NNN $0.00

Total Operating Expenses NNN $0.00

EQUALS NET OPERATING INCOME $137,500

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Income & Expense

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

TENANT INFO LEASE TERMS RENT SUMMARY

TENANT NAME SQ. FT. TERM CURRENT RENT

MONTHLY RENT

YEARLYRENT

MONTHLY RENT/FT

YEARLYRENT/FT

Raising Cane’s 40,538 5/28/2019 5/27/2024 $137,500 $11,458 $137,500 $0.28 $3.39

5/28/2024 5/27/2029 $12,604 $151,250 $0.31 $3.73

5/28/2029 5/27/2034 $13,865 $166,375 $0.34 $4.10

Option 1 5/28/2034 5/27/2039 $15,251 $183,013 $0.38 $4.51

Option 2 5/28/2039 5/27/2044 $16,776 $201,314 $0.41 $4.97

Option 3 5/28/2044 5/27/2049 $18,454 $221,445 $0.46 $5.46

Option 4 5/28/2049 5/27/2054 $20,299 $243,590 $0.50 $6.01

TOTALS: 40,538 $137,500 $11,458 $137,500 $0.28 $3.39

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Rent Roll

N ACADEMY BOULEVARD

N AC

AD

EMY BO

ULEVA

RD

BRIARGATE BOULEVARD

VOYA

GER

PAR

KWAY

JAMBOREE DRIVE

AGO

RA P

OIN

T

PYLON SIGN

CHAPEL HILLS MALL

21,845 VPD

50,000 VPD

11This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

40,538LOT SIZE

22SPACES

3,067BUILDING SIZE

50,000 VPD

VACANT

4,000 SF1,200 SF

3,000 SF

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Site Plan

ABOUT CHIPOTLE

ABOUT KENTUCKY FRIED CHICKEN

This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

ABOUT RAISING CANE’S

Raising Cane’s Chicken Fingers is an award winning fast-food restaurant chain founded in 1996 in Baton Rouge, Louisiana. The company, privately held by its founders, is still headquartered in Baton Rouge and has over 420 locations in 24 states with multiple new restaurants under construction. The company has one love—quality chicken finger meals—and is continually recognized for its unique business model and customer satisfaction. The casual-dining restaurants offer a menu of chicken fingers, Cane’s sauce, Texas Toast, rolls, crinkle-cut fries and coleslaw.

Raising Cane’s Chicken Fingers joined the ranks of the Nation’s Restaurant News Top 100 in 2016. Business Insider named Raising Cane’s the “Top Restaurant Chain of 2017,” and for the 20th anniversary, the company revealed a plans to grow to 600 stores and $1.5 billion in revenue by 2020.

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

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REVENUE GROWTH IN 201732.6%

ESTIMATED UNIT SALES$2.3 M

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Tenant Overview

COLORADO SPRINGS

DENVER(1 HR 10 MINS, 70 MILES)

THE AVERAGE HOUSEHOLD INCOME WITHIN A 3-MILE RADIUS

IS OVER $100K

POPULATION

1-MILE 3-MILES 5-MILES

2010 6,206 71,707 174,079

2018 6,744 78,957 196,361

2023 7,085 83,142 213,622

2018 HH INCOME

1-MILE 3-MILES 5-MILES

Average $75,792 $100,618 $99,236

Median $60,277 $77,772 $76,038

FORTUNE 500 COMPANIES IN COLORADO

EMPLOYER INDUSTRY

Ball Corporation Advanced Manfacturing

Dish Network Telecommunications

Level 3 Telecommunications

Liberty Interactive Telecommunications

Newmont Mining Energy

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

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Demographics

COLORADO SPRINGS,COLORADO

COLORADO SPRINGS is the second largest city in the state of Colorado, and the seat of El Paso County, Colorado. Located near Pikes Peak, a landmark in Pike National Forest, Colorado Springs offers numerous activities including hiking, cycling, and climbing in the various national parks.

Known as the Olympic City USA, the United States Olympic Committee Headquarters resides in Colorado Springs, along with 20+ National Olympic Governing Bodies, more than 50 National Sport

Organizations, the Colorado Springs Olympic Training Center, and the future U.S. Olympic Museum, a $75 million, 60,000 sf museum opening in 2019.

Each year over 10,000 athletes train at the flagship U.S. Olympic Training Center and 130,000 people come to tour the Center in Colorado Springs. The Olympics have an annual economic impact of $215 Million, and sustain thousands of jobs in the city.

OLYMPIC CITY

464,474COLORADO SPRINGS POPULATION (ESTIMATED)

THE ECONOMY OF COLORADO SPRINGS is based primarily on it’s military installations as well as the aerospace, electronics, and tourism industries. The military employs one fifth of the work force in the city with Fort Carson, a U.S. Army base. The U.S. Air Force Academy, Fort Peterson Air Force Base (AFB), and the North American Air Defense Command (NORAD) are also major employers. Colorado Springs is also a center for space research. The city is the site of the Combined Services Space Center and the Consolidated Space Operations Center.

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

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Location Overview

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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

JOE CACCAMOJOHN ANDREINI

ZANDY SMITH

DAVE LUCAS

RICK SANNER

CHRIS KOSTANECKIZEB RIPPLE CHRIS PETERS

JACK NAVARRAJUSTIN SHARP

JUSTIN STARK

ZANDY SMITHzsmith@capitalpacific.comPH: 415.274.2707CA DRE# 01734525

IN CONJUNCTION WITH CO LICENSED BROKER: David LeutholdLeuthold Commercial Properties303.871.9000

Copyright © 2019 Capital Pacific Partners

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