Murrieta, CA - Chipotle & Verizon

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 100% occupied, two-tenant,
e-commerce resistant, investment property located in Murrieta, CA (Temecula MSA). The offering features a strong food and service tenant lineup of Chipotle (NYSE: CMG) and Verizon Wireless (S&P: BBB+) both corporate guaranteed leases. Both tenants have recently signed brand new 10-year leases with additional option periods left to extend, demonstrating their commitment to the site, and providing zero short term rollover. Chipotle and Verizon will be operating under leases which are NNN in nature, limiting expense leakage for a future investor. Additionally, Chipotle is equipped with an end-cap drive-thru “Chipotlane” to maximize both sales and convenience to the dense customer base immediately surrounding the site.e-commerce resistant, investment property located in Murrieta, CA (Temecula MSA). The offering features a strong food and service tenant lineup of Chipotle (NYSE: CMG) and Verizon Wireless (S&P: BBB+). Both tenants have recently signed brand new 10-year leases with additional option periods left to extend, demonstrating their commitment to the site, and providing zero short term rollover. Chipotle and Verizon will be operating under leases which are NNN in nature, limiting expense leakage for a future investor. Additionally, Chipotle is equipped with an end-cap drive-thru “Chipotlane” to maximize both sales and convenience to the dense customer base immediately surrounding the site.

Chipotle and Verizon are located along Clinton Keith Road with clear visibility and access to thousands of vehicles passing by daily. The asset benefits from direct on/off ramp access to Interstate 215 (110,000 VPD), a major thoroughfare connecting the Los Angeles MSA, making this an ideal, centralized location with easy commutes for both employees and customers. The subject property is ideally situated within The Vineyard Shopping Center, a 26.3-acre shopping center anchored by Costco Wholesale. Other nearby national/credit tenants include Target, Tractor Supply Co., Starbucks, Marshalls, Albertsons, Stater Bros, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Additionally, the asset is strategically positioned within an expanding retail corridor with numerous plans for development including a 522 single-family residential project in Murrieta Hills, a 210-unit apartment complex near
I-15, a 56,060 SF commercial and retail center 3-miles southeast of the site, and more. Furthermore, the property is within walking distance to several single-family communities and multi-family complexes including Sonoma at Mapleton (193 units), Mitchell Place (230 units), Pacific Landing (325 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by over 208,800 residents and 48,800 daytime employees. Residents within one mile of the subject property boast an affluent annual average household income of $157,202.