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Views: 163 DOM: 121 Updated: 07.25.24 Posted: 03.25.24 Status: Sold 07.24.24

Summary

Price $2,552,631 $2,645,000
Built/Renov 2024
Tenant Chipotle Mexican Grill
Cap Rate 5.70% 5.50%
Lease Type NN+
Guarantor Corp Traded
Size/SF 2,325
Lease Start 03-01-2024
#Units 3,437
Price/SF $1,097.91 $1,137.63
Expiration 02-28-2039
Tenant Type Fast Casual/Rest.
NOI $145,500
R. Term 14.2
Ownership Fee Simple
Rent/SF $62.58
Increases 10.0%/5/yrs
Pop 5Mi 37,820
Lot/AC 5.50
Options 4/5yrs/10%
AHHI 5Mi $68,468

Lease Highlights

  • Brand-new 2024 construction | New prototype with “Chipotlane” drive-thru
  • Chipotle recently signed a new 15-year lease with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years
  • Favorable NN+ lease with landlord responsible for structure only
  • Corporate guaranteed lease (NYSE: CMG)

Location Description

Chipotle is strategically located on Western Avenue, with access to 18,771 vehicles passing by daily. The property is adjacent to a high-performing Kroger-anchored center and is surrounded by several K-12 schools with over 5,000 students. Additionally, it enjoys close proximity to Hocking Hills State Park, which attracts over 3 million visitors annually. The immediate trade area is surrounded...

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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...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 6,819 29,712 39,251
2023 Total Population : 6,783 29,670 39,228
2023 Employed Civilian Pop : 3,029 11,165 15,357
2023 Total Businesses : 192 1,233 1,580
2023 Average Household Income : $ 99,878 $ 82,346 $ 80,557
2023 Total Consumer Spending : $ 276 M $ 797 M $ 1041 M
2023 Median Age : 44 40 41
2023 Total Households : 3,184 11,085 14,801
2023 Pop Age 25+: Bachelor's Degree : 704 2,531 3,123
2023 Average Home Value : $ 241,397 $ 217,002 $ 211,084
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Western Ave Dun Rd 2003 13,850 0.22 mi
Western Avenue Stanhope Dr 2021 13,214 0.38 mi
University Drive Western Ave 2021 4,462 0.50 mi
Applewood Drive Knoll Wood Ln 2021 914 0.55 mi
North Woodbridge Avenue Annis Ct 2021 6,660 0.57 mi
Plyleys Lane Bradford Dr 2021 3,030 0.57 mi
Western Avenue S Woodbridge Ave 2021 19,299 0.61 mi
Page Road Coventry Dr 2021 832 0.65 mi
Page Rd Coventry Dr 2018 847 0.68 mi
Arch Street Central Center 2021 4,947 0.69 mi

Listing Broker

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