Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale a brand-new construction, single tenant Chipotle drive-thru (the “Property” or “Asset”) in Pembroke Pines, FL. Chipotle is on a 15-year lease with contractual increases of 8.0% every 5 years and no landlord responsibilities. The lease also features a corporate guaranty from Chipotle Mexican Grill, Inc. minimizing any short-term investment risk. The Property offers a rare opportunity to acquire an industry leading tenant on a long-term lease.
The Asset is located in Pembroke Pines, a part of the Fort Lauderdale MSA and a submarket within Broward County, which has experienced a staggering population growth rate of 24% since 2000. The Asset also sits on the well-known retail corridor of Pines Boulevard with direct exposure to over 51,000 VPD and is proximate to one of South Florida’s major highways, Florida’s Turnpike (130,000+ VPD). The Publix and CVS in the shopping center down the street are respectively in the 91st percentile of Publix stores in the nation and 89th percentile of CVS stores in the state by annual visits. Within a 5-mile radius of the Property, there is 462,241 residents with a household income of over $89,000. In addition, the 63,000 households in this city spend an average of over $27,500 at retail stores annually, illustrating a strong target demographic for the Tenant.
PRIME PINES BOULEVARD REAL ESTATE
The property is surrounded by national retail tenants and down the street from a shopping center featuring a Publix grocery store and CVS Pharmacy in the 91% percentile of Publix in the nation and 89th percentile of CVS in the state by visits annually per Placer.ai
SURROUNDED BY FAVORABLE DEMOGRAPHICS
The Property is in the Fort Lauderdale MSA and has 462,241 residents with an average income of $89,000 within a 5-mile radius and a population growth rate of 15% over the past decade within a 3-mile radius
PROXIMITY TO STRONG TRANSPORTATION LINKS
Property is located on a well-known retail corridor along Pines Boulevard with direct exposure to 51,000 VPD. It is also less than 3 miles from Florida’s Turnpike, one of South Florida’s major highways with over 130,000 VPD
FAVORABLE LEASE ECONOMICS
Brand-new construction building leased to Chipotle drive-thru on a 15-year lease with a corporate guaranty requiring no landlord responsibilities
INDUSTRY LEADING TENANCY
Chipotle Mexican Grill, Inc., is one of the largest and most recognized fast-casual restaurant chains in the world with over 2,918+ locations across North America and Europe