Chipotle NNN Lease Offering Memorandum - Frontera ...
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Chipotle NNN Lease Offering Memorandum 16810 W Waddell Rd, Surprise, AZ
Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
TABLE OF CONTENTS
• Pricing and Financial Analysis
• Property Description
• Aerials
• Site Plans
• Elevations
• Property Photos
• Demographic Information
• Net Leased Disclaimer & Confidentiality
Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
Offering Terms:
Purchase Price - $3,400,000 NOI - $142,000 CAP Rate – 4.18%
FINANCIAL SUMMARY
Price $3,400,000
Tenant Summary
Down Payment 100% / $3,400,000
Tenant Trade Name Chipotle Mexican Grill
Rentable Square Feet +2,298 SF
Ownership Public (CMG); corporate signature
CAP Rate 4.18%
Year 6 CAP Rate 4.60% Tenant Chipotle Mexican Grill, Inc., a Delaware corporation
Year Built 2021 Lease Term 10-Year Primary Term
Type of Ownership Fee Simple Lease Commencement Date July 2020
Lease Expiration Date July 2030
Annualized Operating Data
Increases 10% Increases Every 5 Years
Annual Rent Monthly Rent
Options Five, 5-Year Options with 10% Increases Every 5 Years
Base Rent Years 1-5 $142,000 $11,883.33
Property Building sits on +47,588 square foot parcel
Owner Expenses: NONE
$142,000
Net Operating Income
Capital Reserves $0
Total Return 4.18% / $142,600
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
PROPERTY DESCRIPTION
+2,298 SF Chipotle restaurant with new “Chipotlane” Prototype drive thru operating within a Walmart
Supercenter anchored neighborhood shopping center in Surprise, Arizona.
Co-tenants include Big O Tires, Sally Beauty, Papa John’s, Burger King, and Panda Express. Cross
parking and cross access within the +/- 220,000 SF shopping center
Located at the NWC Loop 303 Freeway and Waddell Road, with existing and new commercial
developments on adjacent corners. Existing and Planned National retailers/users in area nearby
developments such as Costco, Burlington Coat, Floor & Décor, Chic-Fil-A, Whataburger, Circle K,
Petsmart and Ulta.
Existing Penske auto mall including Ford, Toyota, Chevrolet, Honda, Kia, Nissan, Subaru,
Dodge/Jeep dealerships immediately south of Waddell Rd across from Chipotle.
Close proximity to dense residential neighborhoods, planned apartment complexes just to the west
in Phase II of Prasada Village Gateway., as well as ¼ mile west at the SWC Cotton and Waddell (over
1,000 multi-family units planned within ½ mile of subject property).
+ 64,000 vehicles per day on Loop 303
+15,587 vehicles per day on Waddell Rd
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Chipotle NNN Lease 16810 W Waddell Rd, Surprise, AZ 85388 Intersection Aerial
Chipotle NNN Lease 16810 W Waddell Rd, Surprise, AZ 85388 Vicinity Aerial
Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
Site Plan
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
Floor Plan
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
Elevations
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
PROPERTY PHOTO
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
PROPERTY CONSTRUCTION PHOTO
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
PROPERTY CONSTRUCTION PHOTO
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
REPRESENTATIVE INTERIOR PHOTOS
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.ABOUT CHIPOTLE Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. Chipotle had over 2,750 restaurants as of December 31, 2020, in the United States, Canada, the United Kingdom, France, and Germany and is the only restaurant company of its size that owns and operates all its restaurants. With nearly 88,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. Steve Ells, founder, first opened Chipotle with a single restaurant in Denver, Colorado in 1993. For more information or to place an order online, visit WWW.CHIPOTLE.COM.
NET LEASED DISCLAIMER
Frontera Development, LLC (“Fontera”) hereby advises all prospective purchasers of Net Leased
property as follows:
CONFIDENTIALITY
The information contained in this brochure has been obtained from sources we deem to be The information contained in the following brochure is proprietary and confidential. It is
reliable. However, Frontera has not and will not verify any of this information, nor has Frontera intended to be reviewed only by the party receiving it from Frontera Development, LLC
conducted any investigation regarding this information. Frontera makes no guarantee, warranty, (“Frontera”) and should not be made available to any other person or entity without the written
or representation whatsoever about the accuracy or completeness of any of the information consent of Frontera. This brochure has been prepared to provide summary, unverified
provided. information to prospective purchasers and to establish only a preliminary level of interest in the
subject property. The information contained herein is not a substitute for a thorough due-
As the Purchaser of a Net Leased property, it is the Purchaser's responsibility to independently diligence investigation. Frontera has not made any investigation and makes no warranty or
confirm the accuracy and completeness of all material information before completing any representation with respect to the income or expenses for the subject property, the future
purchase. This brochure is not a substitute for your thorough due-diligence investigation of this
projected financial performance of the property, the size and square footage of the property and
investment opportunity. Frontera expressly denies any obligation to conduct a due-diligence
improvements, the presence or absence of contaminating substances, PCB's or asbestos, the
examination of this property for Purchaser.
compliance with State and Federal regulations, the physical condition of the improvements
Any projections, opinions, assumptions, or estimates used in this brochure are for example only thereon, or the financial condition or business prospects of any tenant or any tenant's plans or
and do not represent the current or future performance of this property. The value of a Net Leased intentions to continue its occupancy of the subject property. The information contained in this
property to you depends upon factors that should be evaluated by you and your tax, financial, brochure has been obtained from sources we deem to be reliable; however, Frontera has not
and legal advisors. verified and will not verify any of the information contained herein, nor has Frontera conducted
any investigation regarding these matters and makes no warranty or representation whatsoever
Purchaser and Purchaser's tax, financial, legal, and construction advisors should conduct a careful, regarding the accuracy or completeness of the information provided. All potential buyers must
independent investigation of any net-leased property to determine the suitability of the property take appropriate means to verify all of the information set forth herein.
for its needs.
NON-ENDORSEMENT NOTICE
As with all real-estate investments, this investment carries significant risks. Purchaser and
Purchaser's legal and financial advisors must request and carefully review all legal and financial Frontera Development, LLC (“Frontera”) is not affiliated with, sponsored by, or endorsed by any
documents related to the property and tenant. While the tenant's past performance at this or other commercial tenant or lessee identified in this brochure. The presence of any corporation's logo
locations is an important consideration, it is not a guarantee of future success. Similarly, the lease or name is not intended to indicate or imply affiliation with or sponsorship or endorsement by
rate for some properties, including newly constructed facilities or newly acquired locations, may said corporation of Frontera, its affiliates, or subsidiaries, or any agent, product, service, or
be set based on a tenant's projected sales with little or no record of actual performance or commercial listing of Frontera, and is solely included for the purpose of providing tenant lessee
comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail information about this listing to prospective customers.
to pay the lease rent or property taxes, or may fail to comply with other material terms of the
lease; cash flow may be interrupted in part or in whole due to market, economic, environmental, ALL SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT LISTING AGENT FOR MORE
or other conditions. Regardless of tenant's history and lease guarantees, Purchaser is responsible INFORMATION
for conducting its own investigation of all matters affecting the intrinsic value of the property and
the value of any long-term lease, including the likelihood of locating a replacement tenant should
the current tenant default or abandon the property, the lease terms that Purchase may be able to DISCLOSURE
negotiate with a potential replacement tenant considering the location of the property, and the Any potential Buyer and/or Buyer’s real estate representative acknowledge that members of
Purchaser's legal ability to make alternate use of the property. Frontera Development, LLC (listing Broker) and FD 303 & Waddell, LLC (Seller) are licensed real
estate brokers in the State of Arizona and have members in common.
By accepting this brochure, you agree to release Frontera and hold it harmless from any claim,
cost, expense, or liability arising out of your investigation and/or purchase of this net-leased
property.Chipotle NNN Lease
16810 W Waddell Rd, Surprise, AZ 85388
OFFERING MEMORANDUM
Exclusively listed by:
Steve Lenz
Partner, Frontera Development, LLC
480-315-9612 (Direct)
480-315-9607 (Fax)
steve@fronteradevelopment.com
www.fronteradevelopment.com
Mark Holinger
Partner, Frontera Development, LLC
480-315-9623 (Direct)
480-315-9607 (Fax)
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