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Chipotle, Lubbock, TX

Chipotle, Lubbock, TX


Investment Summary

Price $2,917,000
Cap Rate
NOI
Lease Term 20 years
Lease Type Absolute NNN lease with tenant responsible for all taxes, insurance, and maintenance
Rental Increases 10% rental increases every five (5) years
Year Built 2023
Building Size 2,325 SF
Lot Size 0.8 acres (34,830 SF)
Status Closed
Lead Brokers Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

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

RARE 20-YEAR ABSOLUTE NNN LEASE TO CHIPOTLE
» New 20-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 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
» High-quality 2023 construction featuring the latest Chipotle prototype with a dedicated Chipotlane drive-thru
» Chipotle is ranked on the Fortune 500 and is recognized on the 2023 list for Fortune’s Most Admired Companies

HIGH-TRAFFIC LOCATION ON DENSE RETAIL CORRIDOR
» Prominently located on Milwaukee Avenue with 21,984 vehicles per day directly in front of the property and just off the signalized intersection of Milwaukee Avenue and 82nd Street with 52,680 vehicles per day
» Milwaukee Avenue is a major retail corridor with national retailers including Walmart Supercenter, Firestone, Panda Express, Chick-fil-A, McDonald’s, Whataburger, Taco Bell, Chase Bank, and many others

CENTRAL LOCATION IN MAJOR LUBBOCK MARKET AND JUST SEVEN MILES FROM TEXAS TECH UNIVERSITY
» Seven miles from Texas Tech University (42,000+ students and faculty, $2.8 billion annual economic impact in Texas)
» Centrally located in a densely populated and affluent area with 159,000 residents and an average household income over $103,148 within five miles of the property, providing Chipotle with a strong and immediate customer base
» Excellent location in a major Lubbock commuter corridor and surrounded by high-density single-family communities

BRAND NEW 2023 CONSTRUCTION TO CHIPOTLE’S LATEST PROTOTYPE
» New high-quality 2023 construction featuring a dedicated Chipotlane drive-thru
» Texas has no State Income Tax, Estate Tax, or Inheritance Tax

Property Description

SOLD

» Rare 20-year absolute NNN lease to Chipotle
» Seven miles from Texas Tech University (42,000+ students and faculty, $2.8 billion annual economic impact in Texas)
» Prominently located on Milwaukee with 21,984 vehicles per day directly in front of the property and just off the signalized intersection of Milwaukee Avenue and 82nd Street with 52,680 vehicles per day
» Centrally located in a densely populated and affluent area with 159,000 residents and an average household income over$103,148 within five miles of the property providing Chipotle with a strong and immediate customer base
» High-quality 2023 construction featuring the latest Chipotle prototype with a dedicated Chipotlane drive-thru

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