Chipotle - Richmond, IN_Property for Sale
Chipotle - Richmond, IN_Property for Sale
2511 Chester Blvd, Richmond, IN, 47374, US

Chipotle - Richmond, IN

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a 2,350 square foot freestanding, single-tenant corporate Chipotle located at 2511 Chester Boulevard in Richmond, Indiana (“Property” or “Asset”). The Asset is 100% leased to Chipotle Mexican Grill, Inc. (the “Tenant”), the second largest Mexican chain restaurant in the world, with 3,400+ stores and 8 consecutive years of revenue growth. Chipotle will operate on a rare 15.0-year lease with 10.0% rent escalations every 5-years, four, five-year renewal options and minimal landlord responsibilities.


The Asset is strategically positioned as an outparcel to a Meijer grocery store that generates 2.0 million visits annually and that is the only Meijer within a 30-mile radius. The Property has frontage along Chester Boulevard with direct visibility to more than 16,000 vehicles per day and is just south of Interstate 70 (38,000 VPD).

 

The Property sits adjacent to Indiana University East, Ivy Tech Community College and Purdue Polytechnic Richmond with more than 4,490+ students enrolled. Notably, the Property is adjacent to Reid Health, a 223-bed regional referral medical center serving over 280,000 people throughout East Central Indiana and West Central Ohio. Reid Health has more than 3,500 employees and helps create more than 7,500 other jobs in the local economy.

...

Attributes

Asking price
€2,680,000
Cap rate
5.5%
NOI
€148,000
WAULT
15 years
Building area net
218 m²
Year built
2024
Land area gross
0.43 ha

Media

Investment Highlights

  • Rare 15.0 year corporate Chipotle lease with four, five-year renewal options and 10% rent increases every 5-years
  • Situated as an outparcel to a Meijer grocery store that generates 2.0 million visits annually
  • College town location adjacent to Indiana University East, Ivy Tech Community College and Purdue Polytechnic Richmond with more than 4,940 students
  • Adjacent to Reid Health, a 223-bed regional referral medical center with more than 3,500 employees
  • Chipotle is the 2nd largest Mexican chain restaurant in the world with 3,400+ stores and 8 consecutive years of revenue growth
Chipotle - Richmond, IN 4_Property for Sale
Chipotle - Richmond, IN 4_Property for Sale

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Chipotle - Richmond, IN (0 Properties)

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Last updated
3 Oct 2024