8559 PINES BLVD Pembroke Pines FL 33024-6611

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale a brand-new construction, single tenant Chipotle drive-thru (the “Property” or “Asset”) in Pembroke Pines, FL. Chipotle is on a 15-year lease with contractual increases of 8.0% every 5 years and no landlord responsibilities. The lease also features a corporate guaranty from Chipotle Mexican Grill, Inc. minimizing any short-term investment risk. The Property offers a rare opportunity to acquire an industry leading tenant on a long-term lease.

The Asset is located in Pembroke Pines, a part of the Fort Lauderdale MSA and a submarket within Broward County, which has experienced a staggering population growth rate of 24% since 2000. The Asset also sits on the well-known retail corridor of Pines Boulevard with direct exposure to over 51,000 VPD and is proximate to one of South Florida’s major highways, Florida’s Turnpike (130,000+ VPD). The Publix and CVS in the shopping center down the street are respectively in the 91st percentile of Publix stores in the nation and 89th percentile of CVS stores in the state by annual visits. Within a 5-mile radius of the Property, there is 462,241 residents with a household income of over $89,000. In addition, the 63,000 households in this city spend an average of over $27,500 at retail stores annually, illustrating a strong target demographic for the Tenant.

PRIME PINES BOULEVARD REAL ESTATE

• The property is surrounded by national retail tenants and down the street from a shopping center featuring a Publix grocery store and CVS Pharmacy in the 91% percentile of Publix in the nation and 89th percentile of CVS in the state by visits annually per Placer.ai.

SURROUNDED BY FAVORABLE DEMOGRAPHICS

• The Property is in the Fort Lauderdale MSA and has 462,241 residents with an average income of $89,000 within a 5-mile radius and a population growth rate of 15% over the past decade within a 3-mile radius

PROXIMITY TO STRONG TRANSPORTATION LINKS

• Property is located on a well-known retail corridor along Pines Boulevard with direct exposure to 51,000 VPD. It is also less than 3 miles from Florida’s Turnpike, one of South Florida major highways with over 130,000 VPD

FAVORABLE LEASE ECONOMICS

• Brand-new construction building leased to Chipotle drive-thru on a 15-year lease with a corporate guaranty requiring no landlord responsibilities

INDUSTRY LEADING TENANCY

• Chipotle Mexican Grill, Inc., is one of the largest and most recognized fast-casual restaurant chains in the world with over 2,918+ locations across North America and Europe

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a Chipotle located at 8559 Pines Boulevard, Pembroke Pines, FL. The property contains 3,030 square feet of net leasable area and is situated on 28,314 square feet of land.

This investment opportunity consists of a 3,030 Sq Ft Quick Service Restaurant with a Drive-Thru situated on a .65-acre parcel of land. The asset is subject to a brand new 15-year absolute triple-net lease and four 5-year extension options. The subject property is going to be renovated and re-imagined by the tenant into a state-of-the-art Chipotle Mexican Grill, which faces Pines Boulevard, a street with a traffic count of over 100,000 vehicles per day. Rent Commencement Is set for July 23rd and Chipotle is expected to open its doors for business in early Fall 2023.

Pembroke Pines is a Fort-Lauderdale suburban city located in Broward County, Florida. Featured in Time Magazine’s “50 Best Places to Live”, Pembroke Pines is an ideal destination to enjoy suburban life. With beaches to the east and the Everglades to the west, this beautifully landscaped neighborhood has an abundance of venues that bring residents outdoors to enjoy the sun.

Chipotle Mexican Grill Inc(S&P:AARanking) serves fast casual, Mexican-inspired cuisine. Founded in Denver, CO in 1993, it has grown to more than 2,600 store locations and serves over a million customers daily. The company is known for its marketing of “Food With Integrity,” its commitment to offering fresh items and sourcing ingredients from ethical suppliers. Chipotle has helped usher in an era of “fast casual” dining experiences.

• Corporate Guarantee From $49.7 Billion Company (NYSE: CMG)

• 15 Year Primary Lease Term-NNN

• Dense Infill Population – 20,000+ People in One-Mile Radius

• Existing Structure To Be Renovated And Re-Imaged By The Tenant - Estimated Completion Early Fall 2023

• Frontage On Pines Boulevard With Traffic Counts of 100K+ Vehicles Per Day

• 8.00% Rental Increases Every Five Years

• Located Within The Primary Retail Corridor Of This Market

• Chipotlane –Drive-Thru Location