Chipotle & Sage Dental | Titus Landing Outparcel

Highlights:

• - 5.98% Forward Cap Effective 2/1/2027; Scheduled to Reach 6.32% in 2028 at Asking Price
• - Chipotle Corporate Guaranty (NYSE: CMG) + Sage Dental Management, LLC Guaranty
• - Leases Through 2032 & 2033; No Termination Options; 10% Rent Increases Every 5 Years
• - NNN Lease Structure; Landlord Retains Roof, Structure & Certain Capital Obligations
• - 2022 Construction | 100% Leased | Chipotlane Drive-Through | 6,150 SF
• - U.S. Highway 1 Frontage | Outparcel to the 350,000 SF Titus Landing Lifestyle Center

Description:

Offered at a 5.98% forward cap rate based on scheduled annual NOI of $262,958 effective February 1, 2027. An additional contractual rent increase brings scheduled NOI to $277,920 in 2028, representing a 6.32% cap rate at the asking price. Current in-place NOI is $252,638, reflecting a 5.74% cap rate.

Built in 2022, this 6,150 SF retail property is fully leased to Chipotle Mexican Grill (2,400 SF) and Sage Dental (3,750 SF). Chipotle’s lease is corporately guaranteed by Chipotle Mexican Grill, Inc. (NYSE: CMG), while Sage Dental’s lease is guaranteed by Sage Dental Management, LLC.

Both NNN leases feature 10% rent increases every five years, with initial terms extending through January 2032 for Chipotle and March 2033 for Sage Dental. Neither lease includes a termination option. Chipotle has four five-year renewal options, and Sage Dental has two five-year renewal options.

Tenants reimburse real estate taxes, insurance, and CAM in accordance with their leases. Sage Dental also pays a 15% administrative fee on eligible operating costs. Landlord responsibilities remain for roof, structure, and certain capital and parking lot items, as outlined in the offering memorandum.

Situated on approximately 1.05 acres with U.S. Highway 1 frontage, the property is an outparcel to Titus Landing, a 350,000 SF lifestyle center. The property features a Chipotlane drive-through and approximately 51 parking spaces.

Fee simple ownership, delivered free and clear of existing financing. Forward NOI and cap rates reflect scheduled contractual rent increases and are not current income.

Located in the heart of Florida's Space Coast, Titusville continues to benefit from sustained employment and economic growth driven by aerospace, defense, advanced manufacturing, and technology employers. NASA, Kennedy Space Center, SpaceX, Blue Origin, and L3Harris Technologies continue to fuel employment growth, population expansion, and long-term retail demand throughout the region.

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