5995 Andrews Road, Mentor-On-The-Lake, OH 44060

Property Description

For sale to qualified investors is the fee simple interest in a corporate lease with Chipotle Mexican Grill, Inc. (Nasdaq: CMG), located in Mentor-On-The-Lake, Ohio. The property is located on Andrews Road directly in front of a 66,000 square foot Giant Eagle grocery store, a dominant regional grocery chain providing a steady flow of daily needs customers to the property. As one of the top 15 locations in Giant Eagle’s 80+ store portfolio, Mentor-On-The-Lake draws thousands of shoppers on a daily basis. This Chipotle is located at the main traffic signalized entrance to Giant Eagle, ensuring that all daily grocery customers drive the property on a regularly. The building was completed in the summer of 2024 and features 13+ years of absolute NNN base term remaining plus options. The first rental increase is set to take place in just 3 years, providing the investor with a quick 50 bps increase to the cap rate in 2029. Featuring Chipotle’s newest NNN lease structure, this asset is hands-off to the owner. Additionally, the property is 1.45 acres in size, which provides future residual value and opportunity for additional development.

About Mentor-on-the-Lake / Mentor - Ohio

Mentor-on-the-Lake and neighboring Mentor are located in Lake County, Ohio, with a combined population of 54,254 people. CNNMoney.com has ranked Mentor 37th in a list of the “Top 100 Best Places to Live in America.” The cities are part of the Cleveland-Elyria Metropolitan Statistical Area and are located in the eastern suburbs, approximately 20 miles east of downtown Cleveland. Mentor itself is ranked the 6th largest retail market in Ohio and ranks 7th in the state for restaurants, while Mentor-on-the-Lake serves as a similar bedroom community to Cleveland, allowing residents access to all the region has to offer including nearby access to Lake Erie beaches and lakeshore. The area is home to Headlands Beach State Park, the longest public swimming beach in Ohio. Surrounding the city are multiple national and international corporations, business and schools employing thousands of workers daily. Some of these include Avery Dennison Corporation, Lincoln Electric Holdings, Inc., FirstEnergy Corp., STERIS Corporation, Lake Health System, Inc., The Lubrizol Corporation, and Parker-Hannifin Corporation. The two suburbs are well-known in the area for their rare combination of new homes, parks and Lake Erie coastline, retail shopping and dining establishments, industry and manufacturing, and daytime employee base.