Chipotle | 15-Yr | Abs NNN | 5.3% Cap
Brand New 15-Year Absolute NNN Chipotle with Drive-Thru – 2026 Construction
Marketing description
Chipotle at 1940 N State St, Belvidere, IL 61008 presents a premier net-lease investment opportunity featuring brand-new 2026 construction and Chipotle’s latest “Chipotlane” prototype. This ±2,350 SF freestanding asset sits on approximately 1.00 acre along Belvidere’s primary retail corridor near N State Street and U.S. Business 20, with exposure to approximately 27,000 vehicles per day. The property is secured by a new 15-year absolute NNN lease with zero landlord responsibilities, offering a truly passive investment backed by Chipotle Mexican Grill, Inc. (NYSE: CMG), a nationally recognized, investment-grade tenant with more than 3,500 locations. Investors benefit from built-in 10% rent increases every five years throughout the base term and option periods, creating strong long-term income growth. Positioned within the Rockford regional trade area, the site draws from a stable consumer base, strong workforce presence, and surrounding national retailers. With excellent visibility, convenient access, ample parking, and a high-performing quick-service format, this offering combines corporate credit, new construction, and durable cash flow in one compelling retail investment.
Investment highlights
BRAND NEW 2026 CONSTRUCTION | CHIPOTLANE PROTOTYPE
Newly constructed (April 2026 delivery) featuring Chipotle’s latest prototype design, including dine-in service and “Chipotlane” drive-thru, enhancing throughput and customer convenience.
LONG-TERM ABSOLUTE NNN LEASE
New 15-year absolute NNN lease with zero landlord responsibilities, with the tenant responsible for CAM, taxes, insurance, and all capital repairs and replacements, including roof, structure, and parking lot.
STRONG CORPORATE GUARANTEE
Leased to Chipotle Mexican Grill (NYSE: CMG), a Fortune 500 company with ~3,500 locations nationwide, providing a high-quality, creditworthy tenancy.
STRONG RENT GROWTH (10% EVERY 5 YEARS)
Lease features 10% rental increases every five years throughout the base term and option periods, providing attractive, built-in income growth.
HIGH-VISIBILITY RETAIL CORRIDOR
Positioned along the primary commercial corridor near State St and US Business 20, offering strong visibility and accessibility. The State of Illinois has announced plans to expand the corridor from two to four lanes, supporting future traffic growth.
ROCKFORD REGIONAL ECONOMIC HUB
Located within the Rockford CSA (~400,000 population), one of the largest metro areas in Illinois outside of Chicago, supported by a diverse economic base and stable consumer demand.
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