Retail

Chipotle - Multi-Tenant - South Holland

549 E 162nd St South Holland, Illinois Estados Unidos 60473-2369
Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Key Facts

Year Built 2018
Lease Type NN
Current / Passing Rent
Lease Expiration 2030-08-31
Remaining Term 9 years, 11 months
Tenant Chipotle Mexican Grill, Incorporated
Building Area
Land Area

Property Description

JLL is pleased to offer for sale the Fee Simple interest in a new construction, three tenant net lease investment located in South Holland, IL (Chicago MSA). The Asset is anchored by Chipotle that just reset their lease term to give a fresh 10-year term due to the positive operating performance the first 2 years of operations at the site. The Asset has over 9 years of WALT, and the Property offers a passive net lease investment at an attractive yield with access to the large Chicago population base.


Investment Highlights

LONG TERM TENANCY FROM ESSENTIAL RETAILERS

The Asset consists of a mix of corporate (Chipotle, AT&T) and franchisee (JJ Fish & Chicken) essential retailers that were open amid the COVID-19 pandemic providing essential goods.

Chipotle is on a corporate lease (NYSE: CMG) that reported 2019 full-year revenues in excess of $5.6 billion.

AT&T Mobility serves over 142 million wireless customers in the United States making it the second-largest wireless voice and data carrier in the country and accounts for more than 40% of its parent company’s (AT&T, Inc.) total revenue.

AT&T was open amid the COVID-19 pandemic providing essential goods of cellular services and devices to customers.

JJ Fish & Chicken is an original Chicago staple serving the “Original Chicago Recipe” at over 130 United States locations.

JJ’s is operated by a franchisee that operates 6 other locations in the Chicagoland area and includes a personal guarantee.

STRONG OPERATING HISTORY AT SITE LEADS TO CHIPOTLE RESET OF TERM

Chipotle has been operating at the Asset since the Property was constructed in 2018.

Due to strong operating performance during the first two years of Chipotle’s original lease term, Chipotle agreed to reset their lease term to have a fresh 10 years.

Chipotle's latest earnings release for Q1 2020 showed Year-Over-Year Growth amid the COVID Pandemic (4/21/2020). The Company cited that their biggest growth was in digital sales that reached record level number with over $372 million in online/digital sales. Digital sales grew 80% and accounted for 26.3% of the sales for the quarter.

EXCELLENT VISIBILITY AND ACCESSIBILITY AT SIGNALIZED INTERSECTION

The Asset sits at a signalized intersection with frontage and visibility to 162nd Street which sees over 35,000 VPD.

Located 1 mile from the on/off-ramp to Interstate 94 (127,900+ VPD) gives ease of accessibility to travelers commuting to and from South Holland throughout the entire Chicago MSA.

National retailers in the immediate vicinity include Jewel Osco, Aldi, Anytime Fitness, McDonald’s, Popeye’s, Panera, and many more.

Dense residential customer base with over 91,000 residents within a 3-mile radius of the Asset.

Last Updated Date: 28 Jul 2020
Alex Sharrin
Alex Sharrin
Managing Director, Capital Markets
License details
IL - 475.170243
Alex Geanakos
Alex Geanakos
Director, Capital Markets
License details
475.189621

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Last Updated Date: 28 Jul 2020

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