Chipotle | Livonia, MI
NN+ | Single-tenant Retail
Marketing description
Chipotle Mexican Grill, Inc. (NYSE: CMG) is one of the largest and most successful fast-casual restaurant operators in the United States, with approximately 3,700 company-operated locations across the U.S., Canada, the United Kingdom, France, Germany, and the Middle East. Founded in 1993 and headquartered in Newport Beach, California, the company is committed to serving responsibly-sourced, classically-cooked, real food.
Chipotle has consistently delivered industry-leading comparable-sales growth and margin expansion. In recent fiscal years, the company has reported annual revenues in excess of $10 billion and a market capitalization regularly exceeding $70 billion, placing it among the largest restaurant operators in North America.
The lease at the subject property is guaranteed by Chipotle Mexican Grill of Colorado, LLC, a direct, wholly-owned subsidiary of the public parent. All Chipotle restaurants are company-operated; there are no franchisees. This provides landlords with a single, consolidated corporate balance sheet standing behind every lease obligation, with no franchisee credit diligence required.
Investment highlights
- Corporate-Guaranteed Income Stream: 15-year primary lease backed by Chipotle Mexican Grill of Colorado, LLC, a wholly-owned subsidiary of Chipotle Mexican Grill, Inc. (NYSE: CMG), an investment-grade-quality operator with ~3,700 units and a market capitalization in excess of $70 billion.
- Brand-New 2025 Construction: Delivered December 2025 with a full Chipotlane drive-thru prototype. This prototype represents the tenant's highest-performing model.
- Rare 10% Rent Bumps: Contractual 10%escalations every five years in both the primary term and each of four 5-year options, superior to the 8%-every-5 structure typical of the Chipotle net-lease market.
- Adjacent National Credit: Shadow anchored by Walmart, LA Fitness, Petco, Kohls, within the immediate intersection. Also, within minutes of Costco, Meijer, Home Depot, and Menards.
- Passive Ownership Structure: Landlord responsibilities are limited to structural elements of the building while tenant is responsible for all taxes, insurance, and common area maintenance.
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