New Construction Chipotle w/ Drive-thru 15-Year Double-Net Lease in the Pittsburgh, PA MSA
Rent Commenced September 2023; 14.1 Years of Term Remaining
Outparcel to Lowe’s (Top 14% Nationally) and Part of the Larger Village at Pittsburgh Mills Shopping Destination with 5.6 Million Annual Visitors (Top 10 in MSA)
High Performing Chipotle Ranking Top 30% Nationally, Top 28% in Pennsylvania, and #3 Out of 11 Chipotles Within a 15-Mile Radius
10% Rent Increases Every 5 Years of Initial Term & Options
Corporate Guaranty from Chipotle Mexican Grill, Inc. (NYSE: CMG) – $80 Billion Market Cap & $9.9 Billion Revenue (FY2023)
True Credit Tenant – Zero Corporate Debt with “A” Implied Credit Rating (Not Rated by Major Agencies)
Chipotle Continues to be a Top-Performing QSR Brand with Revenue up 14.3% YOY (+31% Last 2 Years) and Same-Store Sales up 7.9% YOY; Opened 271 New Restaurants in 2022
Store Equipped with Mission-Critical “Chipotlane” Drive-Thru – Chipotle Reports Digital Orders (Pickup or Delivery) are Responsible for 37% of 2023 Sales
Filled a Key Market Gap – Not a Relocation Store; First Chipotle Location within the Immediate Trade Area Serving Numerous Nearby Allegheny River Cities Including Cheswick, Harwick, Springdale, New Kensington, Lower Burrell, Creighton, Brackenridge, Natrona, and More
Next Nearest Chipotle is 8.8 Miles (18-Minute Drive) South
2023-Built Prototypical 2,496 SF Restaurant Building on 0.66-Acre Outparcel Lot; Has Outdoor Seating Area
Shadowed by Walmart Supercenter (2.1M Annual Visits), Sam’s Club (1.3M Annual Visits), Aldi, Ross, PetSmart, Michaels, Macy’s, Dick’s Sporting Goods, and More
Village at Pittsburgh Mills is a Top Shopping Destination in the Pittsburgh MSA with 2.6 Million SF of Retail and a Trade Area Population of 234,000 Spanning 118 Square Miles
Located Just off Route 28 Exit Ramps with 49,730 VPD
Dense Middle-Income Demographics with 77,657 Population & $84K AHHI in a 5-Mile Radius
Pittsburgh MSA – Home to a Population of 2.4 Million; Economy Centered in Financial Services, Healthcare & Tech