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Chipotle & Sleep Number, Hoover, AL

Chipotle & Sleep Number

Price $3,701,000
Cap Rate 6.15%
NOI $227,557
Lease Term Various
Lease Type Various
Rental Increases Various
Year Built 2020
Building Size 5,522 SF
Lot Size 0.97 Acres (42,254 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

100% LEASED RETAIL CENTER WITH STRONG CORPORATE TENANTS
» New long-term corporate leases to Chipotle (NYSE: “CMG”) and Sleep Number (NASDAQ: “SCSS”)
» Sleep Number is a relocation store from a nearby high-volume location
» Scheduled rental increases in the primary term and option periods

HIGH-TRAFFIC LOCATION WITH EXCELLENT HIGHWAY VISIBILITY
» Excellent visibility and access to more than 29,492 vehicles per day on John Hawkins Parkway
» Nearby access to Interstate 459 (63,284 VPD), and Interstate 65 (124,540 VPD)

LOCATED IN THE STADIUM TRACE MIXED-USE DEVELOPMENT & NEAR THE RIVERCHASE GALLERIA COMPLEX
» Stadium Trace is a new mixed-use development with nearly 1,500 feet of frontage on Interstate 459
» Anchored by UAB Medicine and ALDI
» The Riverchase Galleria complex features over 200 retail stores, the Birmingham region’s only Costco, a 15-story Hyatt Regency hotel, and the 17-story Galleria Tower office building

LARGE, AFFLUENT CUSTOMER BASE IN GROWING SUBMARKET
» 101,129 residents with an average household income of $135,112 live within a five-mile radius
» Close proximity to significant new retail and residential developments, including the 339-acre expansion of the Trace Crossings housing community

NEW 2020 CONSTRUCTION
» New building, limiting near-term deferred maintenance or capital costs
» Features dedicated Chipotle drive-thru (“Chipotlane”), providing additional customer convenience and boosting sales revenue



Property Description

The property is strategically located with excellent visibility to both Interstate 459 (63,284 VPD) and John Hawkins Parkway (29,492 VPD). John Hawkins Parkway intersects with Interstate 459 (63,284 VPD) and Interstate 65 (124,540 VPD). Located in a dense retail corridor, the property is surrounded by several large shopping centers featuring major national tenants. The property is at the gateway to Riverchase Galleria, one of the largest shopping centers in the Southeast and Alabama’s top tourist attraction, with 15 million visitors per year. In addition to over 200 retail stores—including the Birmingham region’s only Costco—the Riverchase Galleria complex features a 15-story Hyatt Regency hotel and the 17-story Galleria Tower office building. Other major retailers near the property include Walmart Supercenter, Sam’s Club, AMC Theatres, Barnes & Noble, Hobby Lobby, Best Buy, and Michaels, amongst many others.

The neighborhoods surrounding the property contain business and industrial parks, schools, hospitals, and recreational areas. Significant development is also happening near the property, with construction on the 339-acre expansion of the Trace Crossings housing community already underway. The property is close to major employers and dense residential neighborhoods and is supported by a large, affluent customer base; over 71,000 daytime employees work within a five-mile radius, and 101,129 residents with an average household income of $135,112 live within the same area.

Contact Us About This Property

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