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Chipotle, Arlington, TN

Investment Summary

Price $3,824,000
Cap Rate 4.85%
NOI $185,442
Lease Term 15 years
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 2024
Building Size 2,325 SF
Lot Size 2.14 acres (93,262 SF)
Status Available
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE GUARANTEED LEASE WITH SCHEDULED 10% RENTAL INCREASES
» New 15-year absolute NNN lease with scheduled 10% rental increases in initial term and option periods
» Strong corporate guarantee from a prominent national tenant (NYSE: “CMG”)
» No landlord management, ideal for passive investors
» Chipotle is the only restaurant company of its size that owns and operates all its restaurants
» Chipotle is ranked on the Fortune 500 and is recognized on the 2023 list for Fortune’s Most Admired Companies

PROMINENT LOCATION IN A RAPIDLY GROWING RETAIL CORRIDOR
» Located just off the hard signalized intersection of Airline Road and Milton Wilson Boulevard, with access to a combined 22,913 vehicles per day
» Proximity to Interstate 40 (56,989 AADT), the third-longest east-west freeway in the U.S. connecting Arlington to Memphis, allowing the site to capture an immense amount of commuter traffic
» Located across the street and within walking distance from Arlington High School (2,163 students)
» The property is in a prime location within a rapidly growing retail corridor with neighboring retailers including Whataburger, Starbucks, O’Reilly Auto Parts, McDonald’s, Kroger, Sonic Drive-In, Shell, Wendy’s and many others
» Surrounded by new retail development projects such as The Shops at Arlington Village (anchored by a new Kroger Marketplace projected to open Q2 2024) and Provident Place (45-acre mixed-use development), showing the growth and interest in the area

AFFLUENT LOCATION IN GROWING MEMPHIS SUBURB
» 27,415 residents live within a 5-mile radius of the property, providing the site with a stable customer base
» High average annual household income of $150,907 (projected to increase more than 16% by 2028) within five miles of the site
» Surrounded by a plethora of single-family home communities such as Villages of Summer Meadows, Hayesville Estates, Chapel Ridge, and Snyder Grove
» Near several well attended schools in the Arlington ISD, including Arlington High School (2,163 students), Arlington Middle School (1,005 students) and Arlington Elementary School (875 students)
» Gateway to Downtown Memphis the second most populous city in Tennessee (618,626 residents)

NEW 2024 HIGH-QUALITY CONSTRUCTION
» New high-quality 2024 construction built to Chipotle’s latest prototype
» Site features a “Chipotlane” drive-thru for added customer convenience

Property Description

» High-Visibility Location: This Chipotle is prominently positioned near the signalized intersection of Airline Road and Milton Wilson Boulevard, which collectively see nearly 23,000 vehicles travel along them each day
» Prime Setting: The location features a prime setting in Arlington’s rapidly growing retail corridor, with national tenants nearby such as Kroger Marketplace (opening Q2 2024), Starbucks, Whataburger, Taco Bell, O’Reilly Auto Parts, and Sherwin-Williams
» Reliable Customer Base: The site greatly benefits from its close proximity to residential communities including Villages of Summer Meadows (single-family home community with 374 homes) and Hall Creek at Arlington (165 units)
» Beneficial Proximity to Schools: Arlington Elementary School, Arlington Middle School, and Arlington High School are located within two miles from the restaurant, providing consistent traffic from the combined 4,043 students that attend these schools
» Excellent Demographics: 27,415 residents live within a five-mile radius of the subject property, supported by an average annual household income of $150,907 (projected to increase by more than 16% over the next five years)
» Gateway to Memphis: Interstate 40 connects Arlington to Downtown Memphis, the second most-populous city in Tennessee with a population of 618,626

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