Chipotle Mexican Grill

Tarentum | PA (Pittsburgh MSA)

Offering Summary

  • Status: under contract
  • Price: $2,983,000
  • CAP Rate: 5.25%
  • Remaining Lease Term: 14.1 Years
  • Net Operating Income: $156,624
  • Year(s) Built: 2023
  • Lot Size (Acres): 0.66
  • Lease Type: Double Net
  • 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
  • Minimal Landlord Responsibility – Roof/Structure Only; Duro-Last PVC Roof w/ 20-Year “No Dollar Limit” Warranty
  • 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
EXCLUSIVELY LISTED BY:

Craig Fuller

Senior Managing Director