Largo, FL - Chipotle

Description:

New 15-Year Lease | Signalized, Hard Corner Intersection on Walsingham Rd (39K+ VPD) SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate guaranteed (NYSE: CMG), newly renovated Chipotle investment property located in Largo, Florida (Tampa-St. Petersburg MSA). The tenant, Chipotle Mexican Grill of Colorado, LLC, recently signed a new 15 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Chipotle is one of the nation’s largest and most recognizable fast- casual restaurant brands, operating more than 3,700 company-owned restaurants across the United States. The site is equipped with a drive-thru, providing further ease and convenience for consumers.

The subject property benefits from frontage on Walsingham Road (39,000 VPD) at a signalized, hard corner intersection along the corridor. Walsingham Road serves as the primary east-west commercial thoroughfare serving the Largo and Indian Rocks Beach trade area, providing excellent visibility and access to daily commuter and tourist traffic. The corridor features a dense concentration of national QSR brands and benefits from crossover traffic generated by Barclay Square, anchored by Walmart Neighborhood Market, and Walsingham Commons, a Publix-anchored center further along the corridor. The subject property sits five minutes from Indian Rocks Beach, one of the most visited Gulf Coast beach communities in Pinellas County, providing consistent seasonal tourism demand in addition to the established local trade area. The property is located within the Tampa-St. Petersburg-Clearwater MSA, the 18th-largest metro in the United States, supported by an estimated $10 billion in annual tourism economic impact and approximately 100,000 tourism-related jobs across Pinellas County. Largo and the broader corridor continue to attract reinvestment, highlighted by the City of Largo’s $85 million Horizon West Bay redevelopment anchored by a new City Hall. The 5-mile trade area is supported by a population of 164,000 residents and 58,000 employees with an average household income of $114,904.

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