Raising Cane's
Raising Cane's | 5.00% CAP | Pittsburgh MSA
Marketing description
Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Raising Cane’s, (the “Property”) in South Fayette, Pennsylvania just 15 miles south of Pittsburgh. The property sits as an outparcel to The Piazza, a newly built mixed-use open-air retail center developed by NAI Burns Scalo. Strategically located along Millers Run Road (25,700 VPD), less than half a mile from Interstate 79 (84,000 VPD) the property boasts excellent visibility, connectivity, and customer accessibility. Raising Cane’s occupies one of the prominent front parcels to the center, comprising approximately 1.36 acres. Raising Cane’s operates on a triple-net (NNN) ground lease, with over thirteen (13+) years remaining and 10% rental increases every five years in the base term. The triple-net (NNN) lease structure of the deal provides a truly passive, hands-off ownership structure and provides investors with stable, predictable, and low-maintenance income streams. The Raising Cane’s ranks as the #1 location in Pennsylvania and ranks in the top 90th percentile nationwide. Adjacent to the property, Firebirds ranks in the top 88th percentile nationally, demonstrating high consumer demand for retail within the area.
The property is supported by a densely populated and affluent five-mile trade area of over 146,000 residents with an average household income exceeding $142,000, driving robust retail demand and long-term tenant stability. Further bolstering the market, the Apex Newbury development, located less than one mile from the property, is slated to deliver 416 Class A multifamily units in 2026, expanding the residential base and increasing daily traffic in the area.
The surrounding corridor continues to experience transformative growth, anchored by major developments such as BJ’s Wholesale Club, which opened in late 2021 as the retailer’s first Pittsburgh-area location, the Tesla sales and service center (opened November 2022), Carvana (built in 2019), and TopGolf (opened in 2018). These projects represent the initial phase of Newbury Market, a large-scale, mixed-use development that will feature a pedestrian-friendly Main Street setting complemented by mid-box and small-shop retail. Phase II will introduce a grocery-anchored retail component, further enhancing the area’s appeal as a premier regional destination for shopping, entertainment, and residential living.
Investment highlights
- NNN GROUND LEASE WITH 10% INCREASES – Raising Cane’s operates on triple-net (NNN) ground lease, with over thirteen (13+) years remaining and 10% rental increases every five years in the base term. The triple-net (NNN) lease structure of the deals provides a truly passive, hands-off ownership structure.
- PRIME LOCATION WITH STRONG DEMOGRAPHICS – Developed by NAI Burns Scalo, the properties sit on front parcels to the newly built Piazza, strategically positioned along Millers Run Road (25,700 VPD) less than ½ mile from I-79 (84,000 VPD), providing exceptional connectivity, visibility, and customer draw. The property is further supported by a densely populated and affluent 5-mile trade area of over 146,000 residents and an average household income exceeding $142,000, fueling strong retail demand and long-term tenant success.
- TOP-PERFORMING TENANTS (PLACER.AI) – The Raising Cane’s ranks as the #1 location in Pennsylvania and ranks in the top 90th percentile nationwide. Adjacent to the property, Firebirds ranks in the top 88th percentile nationally, demonstrating high consumer demand for retail within the area.
- SIGNIFICANT SURROUNDING DEVELOPMENT – The property is positioned within a rapidly expanding corridor highlighted by the Apex Newbury development, a Class A multifamily community delivering 416 upscale apartments less than one mile away in 2026, poised to immediately increase residential density and daily traffic. The area has undergone transformative growth with the addition of BJ’s Wholesale Club (opened 2021 as the retailer’s first Pittsburgh-area location), Tesla Sales & Service Center (2022), Carvana (2019), and TopGolf (2018). These projects mark the first phase of Newbury Market, a large-scale mixed-use development that will continue to expand with a planned grocery-anchored retail component, further solidifying the area as a premier regional hub for shopping, dining, and entertainment. Additionally, PennDOT plans to widen Route 50 in 2027 to improve traffic flow and accessibility along this thriving corridor.
- BUSTLING RETAIL CORRIDOR – The property sits within a bustling retail corridor just off Interstate 79 (84,000 VPD) and hosts a number of national retailers such as: Walmart, The Home Depot, Lowe’s Home Improvement, BJ’s Wholesale Club, ALDI, Giant Eagle Supermarket, Fresh Thyme Market, Chase Bank, PNC Bank, Citizens Bank, LA Fitness, Burlington, T.J. Maxx, HomeGoods, Ross Dress for Less, Five Below, Advance Auto Parts, Firestone, GNC, Texas Roadhouse, Firebirds, Panera Bread, Chipotle, McDonald’s, Chick-Fil-A, Starbucks, Wendy’s, and more demonstrating the strength of the retail corridor.
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