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Chipotle, Pearl, MS

Chipotle, Pearl, MS


Investment Summary

Price $3,018,000
Cap Rate
NOI
Lease Term 15 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 0.58 acres (25,265 SF)
Status Closed
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

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

Investment Highlights

15-YEAR ABSOLUTE NNN LEASE TO CHIPOTLE WITH DRIVE-THRU
» 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 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
» New high-quality 2023 construction built to latest Chipotle prototype
» Site features a rare Chipotlane drive-thru for added customer convenience and significantly increased sales potential

HIGH-QUALITY LOCATION ALONG U.S. ROUTE 80 WITHIN CROSSGATES PLAZA SHOPPING CENTER
» High-visibility and easily accessible location along U.S. Route 80/West Government Street, a major east-west Pearl thoroughfare traversing the entirety of the city and connecting the retail corridor (36,000 AADT)
» Trophy location just north of Interstate 20, allowing the site to capture significant commuter traffic (80,000 AADT)
» Located within Crossgates Plaza Shopping Center, attracting direct crossover shopping locations to the site
» One half mile from Merit Health Rankin (134 beds, 300+ employees, approximate $19M annual economic impact)
» Two miles from The Quarry, a 250-acre park featuring running, biking and nature trails, a dog park, a baseball park facility, and other outdoor amenities

PRIME SUBURBAN DEMOGRAPHICS IN GROWING MISSISSIPPI CITY
» 64,618 residents live within five miles of the property, providing a large and reliable customer base for the site
» Affluent average annual household income of $94,533 within a five-mile radius
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Chipotle and Pearl for steady concurrent growth
» The site greatly benefits from its proximity three miles from Jackson-Medgar Wiley Evers International Airport, the #1 airport in the state of Mississippi handling approximately 78%more passengers than the next busiest Mississippi airport (1.2 million passengers in 2022)

Property Description

SOLD

» This Chipotle has a high-visibility and easily accessible location along U.S. Route 80/West Government Street, a major east-west Pearl thoroughfare traversing the entirety of the city and connecting the retail corridor (36,000 AADT)
» The property is a trophy location just north of Interstate 20, allowing the site to capture significant commuter traffic (80,000 AADT)
» Ideally set one of Pearl’s busiest retail corrdors, the property is located within Crossgates Plaza Shopping Center, attracting direct crossover shopping locations to the site
» The site greatly benefits from its proximity one half mile from Merit Health Rankin (134 beds, 300+ employees, approximate $19M annual economic impact)
» 64,618 residents live within a five-mile radius of the site, providing a large and reliable customer base
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Chipotle and Pearl for steady concurrent growth

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