DiFranco & Lombardi represent both parties
Glassboro, NJ — Rob DiFranco and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of a Raising Cane’s in Glassboro, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3.75 million which represents a 4.80% Cap Rate.
The new construction Raising Cane’s is located at 695 Delsea Dr. N in Glassboro, and consists of a 3,026 s/f building with a drive thru. Raising Cane’s has a new 15-year Absolute NNN Ground Lease with five, five-year renewal options. The lease calls for attractive rent increases every five years throughout the primary lease term and at the start of each renewal option. Raising Cane’s is extremely well located along Delsea Dr. N, the region’s primary retail corridor. Situated at the signalized intersection of Delsea Dr. N and Donald Barger Blvd., the property enjoys outstanding visibility, frontage and access and is 1-mile from US Rte. 322, and 2.4-miles from the Jersey Freeway (NJ Rte. 55). Additionally, Raising Cane’s shares the intersection with Doubletree Shopping Center (ALDI anchored) and College town Shopping Center (Lidl & Esporta anchored), the two largest retail centers in the area. The property is part of a dominant trade area that is home to countless national retailers and restaurants, Rowan University, Inspira Medical Center Mullica Hill, all of which drive traffic to the area. Additionally, the property is surrounded by densely populated residential neighborhoods providing a built-in customer base.