Chipotle - Mt. Pleasant
Retail | 5.50% CAP | 2,325 SqFt
Marketing description
CBRE, as exclusive agent for Owner, is pleased to present the opportunity to acquire the Chipotle (the “Property”) located at 200 Bessemer Road in Mount Pleasant, PA. Chipotle offers an investor the opportunity to acquire a single tenant, net-lease asset at the intersection of US Highway 119 and PA-819.
Chipotle is a 2,325 SF restaurant that sits 0.1 miles off of Porter Road (PA-819) at a lighted intersection which has an average daily traffic count of 12,000+ ADT. In addition, the Property is less than 2 minutes off the Mount Pleasant exit on US-119, which boasts a traffic count of 23,000+ vehicles per day.
Investment highlights
Long Term Lease
Chipotle entered into a long term lease at the location for 15 years, with options, taking the firm term though July 2040.
Proximity to Interstate
The Property sits 0.3 miles from the full interchange of US 119 (23,000 ADT) and Route 819 (12,000 ADT), making it easily accessible for local residents and travelers. There is a fully signalized intersection to access Bessemer Road from Route 819.
Retail Dense Corridor
The site is part of the main retail corridor in the region, including national tenancy such as Walmart, Aldi, Beall’s, Tractor Supply, O’Reilly Auto Parts Starbucks, Advanced Auto, Planet Fitness, McDonald’s AutoZone and Ollie’s Bargain Outlet. All traffic from US 119 must pass the location to reach any of these retailers.
Rental Increases
The lease features offering a strong rental increases of 10% +/- every 5 years in both the base term and options periods, offering a hedge against inflation.
Fee Simple Ownership
The fee simple ownership allows investors the benefit of depreciation.
High Barriers to Entry
The retail corridor is mature and constrained by topography with limited to no available additional pad sites, limiting new supply competition.
New Prototypical Store, With Drive Thru
The design represents Chipotle’s newest prototypical layout, complete with “Chipotlane” drive-thru.
Corporate Guarantee
The lease is backed by a corporate guarantee from Chipotle Mexican Grill, Inc.
Large Parcel
The Property sits on a large, flat 2.1 acre parcel that has the potential for additional development in the rear, as well as future optionality in the event of an unlikely retenanting.
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