Chipotle & Mattress Firm
Closed1787 Blowing Rock Road, Boone, NC 28607-1370
Property type
Retail
Price
$3,745,000
Building size
6,200 sf
Rentable area
6,200 SF
Year built
2014
Year renovated
Occupancy
Zoning code
Lot size
1.02 Acres
Sold/status
Sold · Date unknown
Sale price
$3745000
CAP
7.00%
Net Operating Income
$262,142
Property description
Franklin Street is pleased to present the opportunity to acquire this freestanding Chipotle and Mattress Firm in Boone, North Carolina. Boone is located in the Appalachian Mountains less than two hours from Asheville, Greensboro, and Charlotte. It is a popular tourist and second home location due to local ski resorts and popular dinning, and brewery attractions. Boone is home to Appalachian State University, which is a short drive from the property. Both Chipotle and Mattress Firm typically thrive in college towns and the statistics from Placer.AI back that up on this location. Each has been in their space since 2014, and given their foot traffic have a high likelihood of exercising their options. There is not another national mattress competitor in the market for Mattress Firm. Chipotle continues to rapidly expand (271 new stores in 2023) and see significant same-store growth (7.9% in 2023). The property sits on an outparcel to a busy Lowe's Home Improvement location on the main retail corridor for the trade area that receives 42,000 vehicles per day. Situated along the corridor are other national traffic generating retailers including Publix, Walmart, Harris Teeter, Food Lion, Belk, Hobby Lobby, Home Goods, TJMaxx, among many others.
Property highlights
- Chipotle & Mattress Firm Strip Center Located On A Lowe's Outparcel
- Outstanding Store Metrics: Chipotle is a Top 85 Percentile Store in the Chain, and Mattress Firm a Top 98 Percentile Store in the Chain (Source: Placer.AI)
- College Town: One Mile from Appalachian State University (21,000+ Students)
- 10% Increases in Options to Renew for Each Tenant
- Ease of Management: Just Two National Tenants on NNN Leases
- Excellent Visibility: 42,000 VPD on Major Retail Corridor
- Multi-Billion Dollar Revenue Corporate Guarantees: Chipotle ($9.9B) & Mattress Firm ($4.13B)