Chipotle
Closed601 Village Walk Dr, Holly Springs, NC 27540
Property type
Retail
Unit / Space count
1
Price
$3,099,900
CAP
4.03%
Building size
3,300 sf
Rentable area
3,300 SF
Year built
2021
Year renovated
Occupancy
100%
APN
0648.08-87-7843-000
Zoning code
Lot size
1.04 Acres
Price per Unit
$3,099,900
Price per SF
$939.36
Net Operating Income
$125,000
Property description
Franklin Street is pleased to present this corporate guaranteed, drive-thru equipped, Chipotle investment property located in Holly Springs, North Carolina (Raleigh MSA). The tenant, Chipotle Mexican Grill, Inc., has 15 years remaining on their initial term with 4 five-year options to extend, showing their long-term commitment to the site. The lease features 10% increases every 5 years throughout the initial term and at the start of every option period, hedging against inflation. The guarantor, Chipotle Mexican Grill, Inc., is an established and nationally recognized brand with over 2,850+ locations internationally. The property is strategically located at the entrance of a Harris Teeter-anchored shopping center, which is one of the top-performing locations in the market. Chipotle benefits from nearby access to Highway 55 (35,500 VPD) and Avent Ferry Rd (15,500 VPD). This asset is situated in the primary retail corridor serving the trade area, with other surrounding national credit tenants including Walmart, Lowe's, Aldi, Chick-fil-A, Burger King, BB&T, McDonald's, Taco Bell, Goodwill, CVS, and Starbucks.
Property highlights
- New 15-Year NN Lease with 10% Increases every 5 years
- Corporate Guarantee with Chipotle Mexican Grill, Inc., over 2,850 locations globally
- Outparcel to Harris Teeter and South Park Village: ranked in the 86th percentile for shopping center visits in the state according to Placer.Ai (2M+ annual visits)
- Chipotlane location: $916M in Chipotle sales in 2Q came thru digital sales
- Nearby National Retailers include Harris Teeter, Chick-fil-A, Burger King, BB&T, McDonald's, Taco Bell, ALDI, Lowe's, Walmart, Goodwill, CVS, Starbucks, among many others.
- Densely Populated Location with Very Strong Household Incomes: $122,000
- Total Revenue Increased 21.9% to $2.0 Billion and Comparable Restaurant Sales Increased 15.1% in the Third Quarter, Year Over Year.
- Raleigh is the second-fastest-growing large metro in the United States behind Austin