Chipotle - Galveston, TX_Property for Sale

6229 Stewart Rd, Galveston, TX, 77551, US

Chipotle - Galveston, TX

Asset Description

JLL is pleased to exclusively offer for sale the brand-new Chipotle in Galveston, TX (the “Property” or the “Asset”). Chipotle (the “Tenant”) opened for business in September 2024 and operates on a rare 20-year Absolute NNN lease with periodic 10% rent increases, four renewal options, and a corporate guaranty. This location is Galveston’s first & only Chipotle, fulfilling a pressing demand for residents and tourists alike.

Situated within The Plaza on Galveston Island, the Asset is surrounded by a roster of national brands and ranks in the 97th percentile of most frequented strip centers in the U.S. Notable tenants within the center include Five Below, Ross, and the region’s top performing Whataburger. The Asset’s coveted ‘main and main’ location at the intersection of 61st Street and Stewart Road benefits from visibility to nearly 50,000 VPD. The encompassing city of Galveston is Texas’ most visited and sought after tourist destination, attracting more than 8 million visitors annually.

This offering presents a passive income opportunity for investors seeking growing, long-term cash flow backed by industry-leading tenancy coupled with exceptional real estate fundamentals and an urgent demand for a Chipotle.

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Attributes

Building area net

256 m²

Occupancy

100%

Year built

2024

WAULT

20 years

Media

Investment Highlights

Exceptional real estate in a top performing retail center

•The Plaza on Galveston Island is a top performing retail center comprised of 95% nationally-established tenants and ranking in the 97th percentile of most frequented strip centers in the nation, attracting more than 2.4 million visitors annually, per .

• Notable tenants within the center include Five Below, Ross, and the region’s top performing Whataburger. The Asset’s coveted ‘main and main’ location at the intersection of 61st Street and Stewart Road benefits from visibility to nearly 50,000 VPD.

High demand product with long-term tenant commitment

•This site serves as Galveston’s first & only Chipotle location, fulfilling a pressing demand for residents, workers and tourists.

•Chipotle has demonstrated its long-term commitment to the site through a 20-year lease.

Flourishing Texas market with tremendous tourism presence

•Galveston is Texas’ most visited and sought after tourist destination, with over 8 million annual visitors and more than 2,200 hotels and additional lodging accommodations. Major developments within the city include a Margaritaville Resort and a $250 million mixed-use village scheduled to break ground in 2025.

•Since 2010, the surrounding 1-mile area has experienced a 30% population growth.