Chipotle
Waynesboro, Virginia
| Price | $2,259,000 |
| Cap Rate | 3.85% |
| NOI | $86,950 |
| Lease Term | 15 Years |
| Lease Type | Net Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Structural Portions Of The Roof And Building |
| Rental Increases | Scheduled Rental Increases Every Five (5) Years |
| Year Built | 2022 |
| Building Size | 2,325 SF |
| Lot Size | 0.66 Acres (28,750 SF) |
| Status | Available |
| Lead Broker Information | Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
NEW 15-YEAR GUARANTEED NET LEASE WITH SCHEDULED RENTAL INCREASES
» New 15-year net lease with scheduled rental increases in initial term and option periods, providing a hedge against inflation
» Strong corporate guarantee from investment-grade national tenant (NYSE: “CMG”)
» In 2021 Chipotles total revenue increased 26.1% to $7.5 billion, comparable restaurant sales increased 19.3%, and digital sales grew 24.7%
» 2022 construction featuring latest Chipotle prototype with drive-thru and outdoor patio seating
HIGH-VISIBILITY LOCATION IN AN ESTABLISHED COMMUNITY POISED FOR GROWTH
» Located along U.S. 340/Rosser Avenue (29,000 AADT)
» Excellent visibility with immediate access to Interstate 64 (43,000 AADT)
» Walking distance to Brandon Ladd Apartments and Windigrove Apartments (234 units) and surrounded by high-density, single-family housing developments
» 40,024 residents within five miles, establishing a reliable customer base for the site
» High average annual household income of $92,205 within a one-mile radius and projected to increase 11 percent by 2026, poising Take 5 and the immediate trade area for concurrent growth
» 30 minutes from the city of Charlottesville and the University of Virginia (27,115 enrollment)
PROMINENT LOCATION IN DENSE RETAIL CORRIDOR NEAR STRONG TRAFFIC DRIVERS
» Prime location adjacent to a new Popeyes, Aspen Dental, Sheetz, and Take 5 Oil Change
» Situated in a dense retail corridor with nearby national brands such as Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, ALDI, Chick-fil-A, Verizon Wireless, Panera Bread, Starbucks, KFC, and many more
» Less than five miles from Augusta Health Hospital (255 beds, 230-acre campus) and a new one-million-square-foot Amazon Fulfillment Center (approx. 500 employees)
» Near many well-attended schools including Mary Baldwin University (2,184 students), Waynesboro High School (844 students), Kate Collins Middle School (697 students), and many others
» Six major hotels located within a one-mile radius with 446 rooms, providing a regular customer base for the site
Property Description
Chipotle is located along U.S. 340/Rosser Avenue (29,000 AADT) near the signalized hard-corner intersection on Lucy Lane. The property has excellent visibility with immediate access to Interstate 64 (43,000 AADT). The site is within walking distance of Brandon Ladd Apartments and Windigrove Apartments (234 units) and is surrounded by high-density single-family housing developments. 40,024 residents live within five miles, establishing a reliable customer base for the site. The community is affluent with an average annual household income of $92,205 within a one-mile radius and is projected to increase 11 percent by 2026, poising Chipotle and the immediate trade area for concurrent growth. The property is centrally located just 30 minutes from the city of Charlottesville and the University of Virginia (27,115 enrollment).
The site is in a prominent location near strong traffic drivers. The property is in a prime location adjacent to a new Popeyes, Aspen Dental, Sheetz, Take 5 Oil Change. The site is in a dense retail corridor with nearby national brands such as Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, ALDI, Chick-fil-A, Verizon Wireless, Panera Bread, Starbucks, KFC, and many more. The property is less than five miles from Augusta Health Hospital (255 beds, 230-acre campus) and a new one-million-square-foot Amazon Fulfillment Center (approx. 500 employees). The site is near many well-attended schools including Mary Baldwin University (2,184 students), Waynesboro High School (844 students), Kate Collins Middle School (697 students), and many others. Six major hotels are located within a one-mile radius with 446 rooms, providing a regular customer base for the site.
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