Horvath & Tremblay sells Raising Cane’s in Warwick, RI for $3.7 million

Warwick, RI Bob Horvath, Todd Tremblay, Matt Nadler, Kyle Danielson, and Jack Laurendeau of Horvath & Tremblay have completed the sale of a Raising Cane’s. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3.7 million which represents a 5% cap rate.

The new construction Raising Cane’s is located at 336 Bald Hill Rd. and consists of a 3,286 s/f building with a drive thru. Raising Cane’s has 14+ years remaining on their absolute NNN ground lease with five, five-year renewal options. The lease calls for 10% increases every five years throughout the primary lease term and at the start of each renewal option. 

The new construction Raising Cane’s is well located at the signalized intersection of Bald Hill Rd. (RI Rte. 2), the region’s primary retail corridor, and W Natick Rd. (RI Rte. 5), a primary commuter corridor. The property is part of a dominant trade area that is home to national retailers and restaurants, the Warwick Mall, Kent County Memorial Hospital, TF Green Airport, and major roadways including US Rte. 1 and I-95 and I-295, all of which drive traffic to the area. 

Additionally, the Property is within minutes of several area schools, multiple nationally branded hotel/motels, and is surrounded by densely populated residential neighborhoods providing a built-in customer base.