Listed by JLL - Morristown, New Jersey, JLL - New York City, New York
$5,159,000
Chipotle & [solidcore] | Springfield, NJ
Details
Property Type Retail
Sub Type QSR/Fast Food, Restaurant
Square Footage 4,000
Cap Rate 5.68%
NOI $258,549
Tenancy Multi
Brand/Tenant Chipotle
Lease Type NN
Rent Bumps Yes
Buildings 1
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Ground Lease No
Retail | 5.68% CAP | 4,000 SqFt
Marketing description
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to offer the opportunity to acquire the two-tenant Chipotle / [solidcore] at 697 Morris Turnpike in Springfield, New Jersey ("Property" or "Asset"). The Property is operating on a NN lease with ±13.5 years of weighted average lease term, with recently secured early lease extensions at both sites, underscoring long-term tenant commitment.
This unique opportunity allows investors the ability to acquire a stabilized, long-term, low-management asset in one of New Jersey's most highly coveted trade areas.
Investment highlights
- One of the largest fast casual chains in the world with 10 consecutive years of revenue growth
- ±13.5 Years of weighted average lease term
- Irreplaceable positioning in one of the country's most sought-after trade areas
- Recently secured early lease extensions, underscoring long-term tenant commitment to this site
- Staggered rental escalations allows for continuous passive income
- Only [solidcore] site in Union, Essex, or Morris County with the closest location over 20 miles east
- $279K Average household income within a 3-mile radius
- Frontage along Morris Tpke, adjacent to I-78 and Route 24 with access to 300,000+ vehicles per day
- Dense, built-out infill corridor with little room for new entrants to challenge the site
- Exceeded Percentage Rent Breakpoint in 2025 by more than $500K
Listing Contacts
Listed by JLL - Morristown, New Jersey, JLL - New York City, New York
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$258,549.00
$21,545.75/mo
Valuation Metrics
0
DSCR
5.01%
Cap Rate
5.01%
ROI
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