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Chipotle, Spring, TX

Chipotle

TX, USA

Price $3,025,000
Cap Rate
NOI
Lease Term 10 Years (8+ Years Remaining)
Lease Type Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, Maintenance, And Repair, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2019
Building Size 2,300 SF
Lot Size .9318 Acres (40,590 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

LONG-TERM ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES
» Long-term lease to Chipotle Mexican Grill, Inc. (NYSE: “CMG”)
» Absolute NNN lease requires no landlord management, ideal for passive investors
» Scheduled 10% rental increases every five years, providing a hedge against inflation
» Four (4) five (5) year option periods
» Features a dual-lane Chipotlane drive-thru with mobile ordering and outdoor patio seating for added customer convenience

FREEWAY VISIBLE LOCATION IN HIGHLY POPULATED AND AFFLUENT AREA
» 121,775 residents within a five-mile radius of the property
» $136,327 average household income within a one-mile radius
» Freeway visibility from Grand Parkway (44,221 AADT)
» Proximity to Interstate 45/North Freeway (204,000 AADT) and Rayford Road (34,986 AADT) greatly increasing visibility and traffic to the location
» Projected 11 percent average annual household income increase within one mile of the site in the next five years, poising Chipotle and Spring, Texas for significant concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND SCHOOLS
» Beneficial proximity to ExxonMobil’s Houston Campus (six miles away), a site that accommodates 10,000 employees and visitors
» Surrounded by a strong mix of well-established national tenants in a dense retail corridor, including Walmart Supercenter, Kroger, Chick-fil-A, Petsmart, Regal, First National Bank, Whataburger, Bank of America, and many more
» Only Chipotle location within a 21-minute drive of the site
» Walking distance from York Junior High School and Synder Elementary School (2,489 students combined), driving lunchtime traffic to the site

2019 CONSTRUCTION IN A TAX-FREE STATE
» Includes a drive-thru window and outdoor patio seating for added customer convenience
» Located in an income-tax free state


Property Description

SOLD

The property has an easily accessible location along Riley Fuzzel Road, which runs parallel with Grand Parkway freeway (44,221 AADT). The property benefits from its central location in a highly populated area, with 121,775 residents living within a five-mile radius of the site. The site also benefits from nearby traffic on Interstate 45/North Freeway (204,000 AADT) and Rayford Road (34,986 AADT). With a projected 11 percent average annual household income increase within one mile of the site in the next five years, Chipotle and Spring, Texas are poised for significant concurrent growth.

The site benefits from its location near large employers, retailers, and schools. The property is surrounded by a strong mix of well-established national tenants in a dense retail corridor, including Walmart Supercenter, Kroger, Chick-fil-A, Petsmart, Regal, First National Bank, Whataburger, Bank of America, and many more. It is also six miles from the Exxon Mobil Houston Campus, which is a 385-acre site that accommodates 10,000 employees and visitors. Visibility to the site is also increased by its central location as the only Chipotle restaurant within a 21-minute drive of the site. The location is walking distance from York Junior High School and Synder Elementary School (2,489 students combined) and is also a five-minute drive from Grand Oaks High School (1,241 students), funneling lunchtime traffic to Chipotle.

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