Lakewood, NY - Chipotle

Description:

SRS National Net Lease is pleased to present the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased Chipotle investment property located in Lakewood, New York. The tenant recently executed a brand new 15-year lease with four (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every five years throughout the primary term and at the beginning of each option period, supporting NOI growth and providing a hedge against inflation. The lease is backed by a corporate guaranty from Chipotle Mexican Grill, Inc., a publicly traded company (NYSE: CMG) with over 4,000 locations. The property features brand new 2025 construction with the latest Chipotle prototype and a drive-thru layout. The NNN lease structure requires the tenant to reimburse for CAM, taxes, and insurance, including a proportionate share of CAM expenses for common areas shared with the adjacent tenant. For additional details regarding landlord and tenant responsibilities, please refer to page 7.

The property is strategically positioned along E Fairmount Ave (17,000 VPD), the primary retail corridor serving Lakewood and providing direct connectivity to Jamestown. The asset is an outparcel to Chautauqua Mall, a 435,000+ square foot regional mall featuring national brands including Old Navy, Ollie’s Bargain Outlet, and Planet Fitness. The property is also adjacent to a Walmart Supercenter-anchored neighborhood center generating approximately 3.3 million annual visits, ranking in the top 6% among comparable centers nationwide. Numerous additional national retailers along the corridor including Target, Wegmans, and The Home Depot further strengthen the retail corridor and drive consumer traffic to the area. The concentration of national retailers and strong traffic along E Fairmount Ave positions the property within one of the region’s dominant retail corridors.

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Listing ID: a28TP000002OZGPYA4