Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to offer the opportunity to acquire the two-tenant Chipotle / [solidcore] at 697 Morris Turnpike in Springfield, New Jersey ("Property" or "Asset"). The Property is operating on a NN lease with ±13.5 years of weighted average lease term, with recently secured early lease extensions at both sites, underscoring long-term tenant commitment.

This unique opportunity allows investors the ability to acquire a stabilized, long-term, low-management asset in one of New Jersey's most highly coveted trade areas.

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Attributes

Asking price

₹497,838,000

NOI

₹24,950,000

Cap rate

5.68%

Building area gross

372 m²

Chipotle & Solidcore - Springfield, NJ (2 Properties)

Media

Investment Highlights

One of the largest fast casual chains in the world with 10 consecutive years of revenue growth
±13.5 Years of weighted average lease term
Irreplaceable positioning in one of the country's most sought-after trade areas
Recently secured early lease extensions, underscoring long-term tenant commitment to this site
Staggered rental escalations allows for continuous passive income
Only [solidcore] site in Union, Essex, or Morris County with the closest location over 20 miles east
$279K Average household income within a 3-mile radius
Frontage along Morris Tpke, adjacent to I-78 and Route 24 with access to 300,000+ vehicles per day
Dense, built-out infill corridor with little room for new entrants to challenge the site
Exceeded Percentage Rent Breakpoint in 2025 by more than $500K