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Chipotle Mexican Grill, Jacksonville, FL

Chipotle Mexican Grill

FL, USA

Price $2,692,000
Cap Rate
NOI
Lease Term 11 Years
Lease Type Net, with Tenant Responsible for All Taxes, Insurance, Utilities, and Maintenance, Exluding Roof and Structure
Rental Increases 10% Rental Increases After Year 6 and in Every Optio Period
Year Built 2018
Building Size 2,271 SF
Lot Size 0.75 Acres (32,670 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior 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

NEW 11-YEAR NET LEASE
» Corporate lease guaranteed by Chipotle Mexican Grill (NYSE: “CMG”), an internationally recognized tenant with over $4.5 billion in annual revenue
» 10% rental increases after Year 6 and every five years in option periods, providing a hedge against inflation
» Minimal landlord responsibilities, providing the ideal investment for an out-of-area investor

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Located at a signalized intersection on Atlantic Boulevard, with excellent visibility and access to 31,500 vehicles per day directly in front of the property
» Immediate access to Southside Boulevard (42,000 AADT) and Arlington Expressway (54,000 AADT)
» Outparcel to a shopping plaza anchored by Best Buy and Guitar Center
» Nearby retailers include Home Depot, Target, Lowe’s, Bealls, Party City, Dollar Tree, CVS, Starbucks, Kia, Ford, Burlington, AMC Theatres, Verizon, Olive Garden, and many others

CENTRAL LOCATION WITH LARGE CUSTOMER BASE
» Minutes from the University of North Florida, which has a total enrollment of nearly 16,000 students
» Close to several major employment centers, including downtown Jacksonville, JAXPORT, and Naval Station Mayport
» Nearly 100,000 daytime employees work and 207,186 residents live within a five-mile radius of the property

NEW 2018 CONSTRUCTION
» High-quality construction completed in 2018
» Features latest Chipotle prototype
» New building, limiting near-term deferred maintenance or capital costs


Property Description

SOLD

The property is conveniently located at a signalized intersection on Atlantic Boulevard, with excellent visibility and access to 31,500 vehicles per day directly in front of the property. Atlantic Boulevard provides immediate access to two high traffic thoroughfares, Southside Boulevard (42,000 AADT) and Arlington Expressway (54,000 AADT). In turn, Arlington Expressway intersects with Interstate 295 (85,000 AADT) less than two miles east of the property and provides access to downtown Jacksonville approximately six miles to the west. Located in a dense retail corridor, the property is outparcel to a shopping plaza anchored by Best Buy and Guitar Center and is directly across from Regency Park, a large shopping center featuring major retailers like Bealls, Books-A-Million, Party City, Dollar Tree, and David’s Bridal. Other notable tenants in the surrounding area include CVS, Home Depot, Target, Lowe’s, Starbucks, Kia, Ford, Burlington, AMC Theatres, Verizon, Olive Garden, and many more.

The property is centrally located near major schools, large employers, and densely populated residential neighborhoods. The property is minutes from the University of North Florida (UNF), which has a total enrollment of nearly 16,000 students. The Princeton Review has named UNF one of the best colleges in the Southeast for nine consecutive years, and the school has been named one of “America’s Best Colleges” by Forbes Magazine. Additionally, the property is close to several major employment centers, including Jacksonville’s central business district, located in downtown Jacksonville; Jacksonville’s port, also known as JAXPORT, which is one of the largest commercial cargo ports on the Atlantic Coast; and Naval Station Mayport, which has the third largest naval fleet concentration in the U.S., with 9,000 civilian employees, 15,150 active duty personnel, and approximately 32,000 military family members. Nearly 100,000 daytime employees work within five miles of the property. The property is further supported by a large residential population, with 207,186 people living within a five-mile radius.

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