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Chipotle, Jacksonville, NC

Chipotle, Jacksonville, NC


Investment Summary

Price $2,366,000
Cap Rate 4.65%
NOI $110,000
Lease Term 15 years
Lease Type Absolute NNN lease, with tenant responsible for insurance, taxes, and maintenance, including roof and structure
Rental Increases 10% rental increases every five (5) years
Year Built 2022
Building Size 2,400 SF
Lot Size 0.931 acres (40,554 SF)
Status Under Contract
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 LEASE TO CHIPOTLE WITH DRIVE-THRU
» Brand new 15-year absolute NNN lease with 10% rental increases every five years in initial term and option periods
» Strong corporate guarantee from an investment-grade national retail tenant (NYSE: “CMG”)
» Chipotle is ranked on the Fortune 500 and is recognized on the 2023 list for Fortune’s Most Admired Companies
» Chipotle is the only restaurant company of its size that owns and operates all its restaurants
» No landlord management makes this property ideal for passive investors
» Chipotle’s revenue for 2023 was $9.54 billion, a 13.32% increase year-over-year
» New high-quality construction built to Chipotle’s latest prototype
» Site features a “Chipotlane” drive-thru for added customer convenience

HIGH-QUALITY LOCATION NEAR U.S. MARINE CORPS BASE CAMP LEJEUNE
» Excellent positioning along U.S. Route 258, Jacksonville’s main retail corridor with direct access to over 28,000 vehicles per day
» Only minutes away from Camp Lejeune Marine Corps base; the military base and its surrounding community collectively comprise more than 120,000 active-duty service members, dependents, retirees, and civilian employees
» The robust military population contributes substantially to the local economy, generating nearly $3 billion in commerce annually
» Located within a new retail development which includes Advance Auto Parts, IHOP, Little Caesars Pizza, and Tractor Supply Company (in the 88th percentile of Tractor Supply stores in the U.S. per Placer.ai)
» Directly across the street from Walmart Supercenter and surrounded by many major national brand retail tenants such as Lowe’s, Starbucks, The Home Depot, ALDI, Dunkin, Food Lion, Circle K, Papa John’s Pizza, and several others
» Within walking distance of Southwest High School (770 students), providing the store with additional traffic during lunch hours from students and faculty

GROWING COMMUNITY ANCHORED BY STRONG MILITARY PRESENCE
» 178,373 residents live within five miles of the site, establishing a large and reliable customer base
» High average annual household income of $108,771 within five miles (projected to increase more than 13% by 2028)
» Walking distance from several single-family housing developments such as Bristol Place Apartment Homes (312 units) and hotels such as Holiday Inn Express & Suites (104 rooms), creating a stable customer base for the site
» Projected income increases within 1-, 3- and 5-mile radii over the next five years, poising Chipotle and Jacksonville for steady concurrent growth

Property Description

» This Chipotle Mexican Grill is excellently positioned along U.S. Route 258, the main retail artery servicing Jacksonville and its 72,000+ residents. U.S. Route 258 connects chipotle to the heart of Jacksonville as well as provides customers easy access to other top national retail tenants such as Lowe’s Home Improvement, Starbucks, O’Reilly Auto parts, ALDI, The Home Depot, Food lion, Walmart, and many other high-quality tenants
» In addition to Chipotle’s fantastic access to other retailers, the property is located only one mile away from Camp Lejeune Marine Corps base, the largest Marine Corps base in the world. The military base and its surrounding community collectively comprise more than 120,000 active-duty service members, dependents, retirees, and civilian employees. This robust population contributes substantially to the local economy, generating nearly $3 billion in commerce annually. Greatly increasing the customer base for Chipotle
» The property is only a few minutes away from Coastal Carolina Community College home to 3,571 students, another fantastic traffic and revenue driver for Chipotle
» Chipotle is part of new retail development that includes Advance Auto Parts, IHOP, Little Caesars Pizza and Tractor Supply, all strong tenants adding to the visibility of the site
» The surrounding area provides Chipotle with fantastic demographics, boasting 177,582 residents living within a 15-mile radius of the site, greatly improving overall exposure
» The site is conveniently located within walking distance of Southwest High School which has over 770 students enrolled, boosting lunch time traffic to Chipotle

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