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Views: 20 DOM: 20 Updated: 08.28.24 Posted: 08.27.24 Status: Active

Summary

Price $1,918,000
Built/Renov 2022
Tenant Chipotle Mexican Grill
Cap Rate 6.00%
Lease Type NN+
Guarantor Corp Traded
Size/SF 2,325
Lease Start 12-19-2022
#Units 3,437
Price/SF $824.95
Expiration 12-18-2034
Tenant Type Fast Casual/Rest.
NOI $115,088
R. Term 10.3
Ownership Fee Simple
Rent/SF $49.50
Increases 0.0%/5/yrs
Pop 5Mi 93,455
Lot/AC 0.59
Options 4/5yrs
AHHI 5Mi $57,934

Lease Highlights

  • New 2022 construction
  • Chipotle Mexican Grill has 10+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features $4.00/PSF rental escalations starting year 7 and at the start of each option period
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guaranteed lease

Location Description

Chipotle Mexican Grill is strategically located on Henry Street, with access to 13,306 vehicles passing by daily. The property is ideally situated as an outparcel to a 24-hour high-volume Meijer and directly across from a Walmart Supercenter, positioned at a signalized entrance to Meijer. It is 3 miles from the new Trinity Health Medical Campus and close to both Muskegon Community College and...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Chipotle Mexican Grill, Inc., or “Chipotle”, is an American chain of fast-casual restaurants in the U.S., United Kingdom, Canada, Germany, and France. The Fortune 500 company specializes in...


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Listing Broker

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