Chipotle | Greentree | Pittsburgh, PA
Retail | 5.20% CAP | 2,842 SqFt
Marketing description
CBRE, as exclusive agent for Owner, is pleased to present the opportunity to acquire the Chipotle (the “Property”) located at 978 Greentree Road in Pittsburgh, PA. Chipotle offers an investor the opportunity to acquire a single tenant, net-lease asset that is directly adjacent to I-376, one of the Pittsburgh region’s most prominent east-west thoroughfares.
Chipotle is a 2,842 SF restaurant at a hard corner on Greentree Road with an average daily traffic count of 18,000+. The demographics within a 3-mile ring are impressive with a population of 132,000+ and an average household income of $101,733. The Property is less than 2 minutes off the Greentree exit on I-376, which boasts a traffic count of 88,000+ vehicles per day. Further, the Chipotle is 4 minutes from Parkway Center (590,000+ SF office complex) and 6 minutes from Foster Plaza (730,000+ SF office complex), providing a built-in customer base.
Investment highlights
Proximity to Regional Thoroughfare
The Property sits at a corner of Greentree Road (18,000+ ADT) and Manilla Road (3,000 ADT). This corridor serves as a main route to I-376 (88,000 ADT), an east-west thoroughfare that runs through the greater Pittsburgh region and connects Pittsburgh International Airport to the Central Business District.
Rental Increases
The lease provides for a 10% rental increase after the first 6 years of the initial term, as well as including 10% increases in each of the four subsequent 5 year options.
High Barriers to Entry
Due to the challenging topography and pre-existing dense suburban rooftop, there are high barriers to entry for new construction in this market and very limited opportunity for forthcoming retail supply.
Excellent Demographics
With a strategic location on the I-376 corridor, a main commuter route into the CBD, the site has strong demographics within a 3-mile radius showing an average household income of $101,733 and a population of 132,531.
Stable Tenant with Corporate Guarantee
The lease is backed by a corporate guarantee from Chipotle Mexican Grill, Inc. Chipotle Mexican Grill, Inc. was founded by Steve Ells in 1993 and now operates more than 3,600 stores in 48 different states.
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