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

» 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