Raising Cane's 4200 N Sterling Ave 3,709 SF Retail Building Peoria, IL 61615 $3,767,310 CAD ($1,015.72 CAD/SF) 5% Cap Rate

The Boulder Group is pleased to exclusively market for sale a single tenant ground leased Raising Cane’s property located in Peoria, Illinois. Raising Cane’s recently executed a new 15-year ground lease extending through December 2040. The triple-net ground lease places zero responsibilities on the landlord and features 7.5% rental escalations throughout the primary term, along with ten 5-year renewal options. Raising Cane’s opened this location on December 9, 2025, showcasing the brand’s new state-of-the-art dual-lane drive-thru prototype. Since opening, this location has consistently ranked as a top performer both in Illinois and nationwide—contact the broker for more information.
The 3,709 square-foot building is strategically positioned in one of the Peoria area’s most prominent and high-traffic retail corridors, bene?ting from a dense customer base of more than 115,000 residents within a ?ve-mile radius and an average household income exceeding $85,000 within a three-mile radius. As the only Raising Cane’s within a 40-mile radius, the site serves as the sole destination for the brand across the region. The property occupies a signalized hard-corner position along North Sterling Avenue (31,500 VPD), with immediate access to Interstate 74 (32,500 VPD) and US Highway 150 (40,900 VPD). As an outparcel to Northwoods Mall, the largest enclosed shopping center in the tri-county area, the site is surrounded by national retailers including Target, Lowe’s, T.J. Maxx, Ross, Burlington, Ulta, Petco, Michaels, and Binny’s Beverage Depot. The site also sits within the Peoria MSA’s primary employment corridor, home to the region’s three largest employers: OSF HealthCare (13,500+ employees), Caterpillar Inc. (12,000+ employees), and UnityPoint Health (~5,000 employees).
Raising Cane’s Chicken Fingers is an American fast-food restaurant chain founded in 1996 by Todd Graves and Craig Silvey in Baton Rouge, Louisiana, specializing in a limited menu centered on chicken ?nger meals. The company is named after Graves’s yellow Labrador, Raising Cane, and is known for its simple offerings, which include chicken fingers, crinkle-cut fries, coleslaw, Texas toast, and its signature Cane’s Sauce. Headquartered in Plano, Texas, the privately held chain has expanded rapidly from its original location near the gates of Louisiana State University to more than 800 restaurants across the United States and several international markets, including the Middle East. Raising Cane’s has consistently ranked among the fastest-growing restaurant chains in the country and is recognized for its strong brand culture, active sponsorships, college-town locations, and community involvement. Founder Todd Graves remains the company’s CEO and majority owner, and the company has reported annual systemwide sales exceeding $5 billion in recent years.