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Chipotle, Inverness, FL

Investment Summary

Price $4,184,000
Cap Rate 4.35%
NOI $182,000
Lease Term 15 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 10% rental increases in initial term and options
Year Built 2023
Building Size 2,493 SF
Lot Size 0.94 acres (40,749 SF)
Status Available
Lead Brokers 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

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GUARANTEED LEASE WITH SCHEDULED RENTAL INCREASES
» New 15-year absolute NNN lease with scheduled rental increases in initial term and option periods
» Strong corporate guarantee from an investment-grade 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

TROPHY LOCATION NEIGHBORED BY INVERNESS’ LARGEST EMPLOYER
» Trophy location near the signalized intersection of West Main Street and U.S. Route 41
(combined 67,500 AADT), one of Inverness’ busiest intersections
» Less than one mile from HCA Florida Citrus Hospital (204 beds, 1,150 employees and physicians), the largest employer in Inverness and walking distance to middle and high schools
» Walking distance from Withlacoochee Technical College (768 students)
» One-half mile from Whispering Pines City Park, a 290-acre park featuring a 25-meter pool, basketball, pickleball, tennis, and racquetball courts, and two 18-basket disc golf courses

DENSELY POPULATED AND GROWING FLORIDA CITY WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 161,525 residents live within fifteen miles of the property, establishing a large customer base for the site
» 15% population increase within 15 miles of the site since 2010 signals the immediate areas steady recent growth
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Chipotle and Inverness for steady concurrent growth
» Centrally located between Gainesville, Orlando, and Tampa, funneling a significant amount of commuter traffic directly to the site

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest Chipotle prototype
» Site features a Chipotlane drive-thru and patio seating for added customer convenience
» Florida is an income tax-free state

Property Description

» This Chipotle has a trophy location near the signalized intersection of West Main Street and U.S. Route 41 (combined 67,500 AADT), one of Inverness’ busiest intersections
» The property is less than one mile from HCA Florida Citrus Hospital (204 beds, 1,150 employees and physicians), the largest employer in Inverness
» Ideally set walking distance from Citrus High School (1,439 students), Inverness Middle School (1,035 students), and Withlacoochee Technical College (768 students)
» The site greatly benefits from its proximity one-half mile from Whispering Pines City Park, a 290-acre park featuring a 25-meter pool, basketball, pickleball, tennis, and racquetball courts, and two 18-basket disc golf courses
» 161,525 residents live within a fifteen-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Chipotle and Inverness for steady concurrent growth

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