Chipotle - Princeton, TX_Property for Sale

800 West Princeton Drive, Princeton, TX, 75407, US

Chipotle - Princeton, TX

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire the corporate Chipotle located at 800 W. Princeton Drive in Princeton, TX (the “Property” or “Asset”). Chipotle Mexican Grill, Inc. (the “Tenant”) is the second-largest Mexican chain restaurant in the world.

The Property sits within the new gorcery-anchored Market Street Development and adjacent to Princeton Town Center, a soon to be developed 66-acre power center featuring national tenancy. Princeton is a highly affluent city that has experienced rapid 265% population growth since 2010 in a 1-mile radius boasting household incomes of nearly $106,000. Princeton is undergoing substantial residential growth with several developments planned and underway totaling more than 17,700 single-family units and 5,100 multifamily units.

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Attributes

Asking price

¥387,452,000

Cap rate

5.25%

NOI

¥20,343,000

Year built

2023

Building area net

216 sm

Media

Investment highlights

Corporate Lease
New 10-Year Lease with 10% rent bumps every 5 years
Outparcel to a new Market Street development and adjacent to the planned 66-acre Princeton Town Center featuring national retailers
US-380 frontage with visibility to 37K vehicles per day
High-growth, affluent demographics with 265% population growth since 2010 and AHHI of $110,000 within a 1-mile radius