Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership), in a 100% leased, 2-tenant, freestanding Chipotle & Maxem Urgent Care building in Mandeville, Louisiana (New Orleans MSA). The tenants, Maxem Urgent Care and Chipotle, have over 5 and 6 years of firm term remaining on their current lease terms, respectively. Both leases feature options to extend with rental increases, growing NOI and hedging against inflation (see page 18 for details). Chipotle Mexican Grill is a publicly-traded (NYSE: CMG) Fortune 500 Company with approximately 3,200 locations. Maxem Urgent Care is an established urgent care provider with 18 locations across Mississippi and Louisiana. Both tenants operate under NNN leases, making this an ideal, low-management investment opportunity for a passive investor.

The subject property is strategically located along LA-22/Emerald Road, which averages 28,700 vehicles passing by daily, with close proximity to U.S. Highway 190, a major thoroughfare serving 66,400 vehicles per day. The site benefits from excellent visibility via significant street frontage and a large pylon sign. Furthermore, the building is ideally situated as an outparcel to Northlake Shopping Center, a 300,000 SF center anchored by The Fresh Market, Total Wine, Petsmart, and Five Below. Other nearby national/credit tenants within the dense retail corridor include Target, Whole Foods, T.J. Maxx, Barnes & Noble, Rouses, Banana Republic, Old Navy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 75,000 residents and nearly 41,000 employees, providing a direct consumer base from which to draw. Residents within 3 miles of the subject property boast an affluent average household income of $140,484. Mandeville, Louisiana is located approximately 35 minutes from New Orleans, the largest city in the state.

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