Chipotle - Brooklyn, OH (Cleveland MSA)
Corporate Chipotle Lease | 14.2 Years Remaining | Cleveland MSA | Strong Demographics | 5.35% Cap Ra
Marketing description
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to offer the opportunity to acquire the ownership interest in a 2,375 square foot freestanding, single-tenant corporate Chipotle located at 7320 Northcliff Ave in Brooklyn, OH ("Property" or "Asset").
The Asset is 100% leased to Chipotle Mexican Grill, Inc. (the "Tenant"), the second largest Mexican chain restaurant in the world, with 4,050+ stores and 10 consecutive years of revenue growth. The Property features a 15.0-year primary lease term with ±14.2 years remaining, 10.0% rent escalations every five-years, four, five-year renewal options and minimal landlord responsibilities.
Brooklyn, Ohio is located in Cuyahoga County, the second largest county in Ohio, which is known for its diverse economy and educational institutions. Due to the area's strong road networks, nearby access to Cleveland Hopkins International Airport (6 miles) and the Port of Cleveland, the area's history is rich in manufacturing which has supported a recent boom in healthcare, biomedical and financial sectors. The Cleveland retail market and submarkets have demonstrated strong fundamentals, with retail availability under 2% in the city of Brooklyn.
Most notably, the Property is located as an outparcel to Ridge Park Square Shopping Center, a 386,754 SF center with 46 tenants. Ridge Park Square is a regionally dominant shopping destination, generating over 6.9 million visits annually and ranking as the 2nd most visited shopping center in the state of Ohio. Additionally, the Property possesses frontage along Ridge Road and Northcliff Avenue with direct visibility to more than 33,350+ vehicles per day and benefits from the Interstate 480 interchange (150,000+ VPD), that feeds directly to Ridge Road and the many points of ingress and egress for Ridge Park Square.
Investment highlights
- Industry Leading Tenant: Second largest Mexican chain restaurant globally with 4,050+ stores and 10 consecutive years of revenue growth.
- Corporate Guarantee: Corporate guarantee from Chipotle Mexican Grill, Inc.
- Long-Term Lease Security: 15.0-year primary lease term with 14.2 years remaining and 4, 5-year options
- Built-in Growth: 10.0% rent escalations every 5 years, with four additional 5-year renewal options.
- Minimal Landlord Responsibilities: NN lease structure with minimal landlord responsibilities.
- Prime Retail Location: Situated as an outparcel to the Ridge Park Square shopping center, which attracts 6.9 million visitors annually.
- Excellent Highway Access & Visibility: The property is adjacent to Exit 15 of Interstate 480, which has high traffic counts of over 149,000 vehicles per day.
- Dense Residential Population: The surrounding area features a dense population of +331,000 people within a five-mile radius.
- Proximity to Major Travel Hub: The Property is located near Cleveland Hopkins International Airport (11M annual visitors).
- High-Traffic Shopping Destination: Benefits from being part of Ridge Park Square, a major retail hub anchored by tenants like TJ-Maxx, Grocery Outlet, and Michaels.
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