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Views: 69 DOM: 160 Updated: 03.29.24 Posted: 09.02.23 Status: Sold 02.10.24

Summary

Price $2,775,000
Built/Renov 2020/2023
Tenant Chipotle Mexican Grill
Cap Rate 5.25%
Lease Type NN+
Guarantor Corp Traded
Size/SF 3,033
Lease Start 08-22-2023
#Units 3,437
Price/SF $914.94
Expiration 08-31-2033
Tenant Type Fast Casual/Rest.
NOI $145,588
R. Term 9.2
Ownership Fee Simple
Rent/SF $48.00
Increases 10.0%/5/yrs
Pop 5Mi 61,579
Lot/AC 0.90
Options 4/5yrs/10%
AHHI 5Mi $105,015

Lease Highlights

  • New 2023 renovation
  • Chipotle recently signed a brand new 10-year lease with 4 (5-year) options to extend
  • Lease features a 10% rental increase every 5 years and at the start of each option period
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee by Chipotle Mexican Grill, Inc. (NYSE: CMG)

Location Description

This newly renovated Chipotle is strategically located at the signalized, hard corner intersection of Merchant Street and US Hwy 11 with access to 14,000 vehicles per day. The site benefits from direct on/off ramp access to Interstate 81 (50,000 VPD), the longest interstate highway in the state. The subject property is located in the Rutherford Crossing Shopping center which consists of over...

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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 : 729 33,469 67,487
2023 Total Population : 527 28,551 61,579
2023 Employed Civilian Pop : 241 14,082 30,873
2023 Total Businesses : 113 1,013 2,598
2023 Average Household Income : $ 96,917 $ 89,599 $ 105,015
2023 Total Consumer Spending : $ 17 M $ 829 M $ 2114 M
2023 Median Age : 46 39 39
2023 Total Households : 210 10,578 23,285
2023 Pop Age 25+: Bachelor's Degree : 78 3,366 8,108
2023 Average Home Value : $ 307,692 $ 295,453 $ 351,773
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Merchant St Martinsburg Pike 2011 4,100 0.04 mi
Market St Milton Ray Dr 2011 2,700 0.19 mi
Martinsburg Pike Market St 2018 13,000 0.20 mi
Martinsburg Pike Market St 2021 14,000 0.21 mi
Martinsburg Pike Redbud Rd 2021 14,000 0.22 mi
Martinsburg Pike Redbud Rd 2016 12,000 0.22 mi
2016 5,900 0.24 mi
Redbud Rd 2021 5,300 0.24 mi
Martinsburg Pike 2021 6,000 0.34 mi
R-VA IS00081SB RMP317.00A Martinsburg Pike 2020 5,200 0.34 mi

Listing Broker

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