single tenant net leased Chipolte for sale

1. NET LEASED INVESTMENT OFFERING
Chipotle (NYSE: CMG) Ground Lease With Value Add
8955 Staples Mill Road
Richmond, VA 23228
www.bouldergroup.com

2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1)
Confidentiality & Disclaimer
2)
Executive Summary
3)
Property Overview
4)
Aerial
5)
Site Plan
6)
Maps
7)
Tenant Profile
8)
Demographic Comparison Report
9)
Location Overview
10)
Contact Information
www.bouldergroup.com

3. CONFIDENTITALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY & DISCLAIMER
The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to
be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person
or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide
summary, unverified 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 diligence investigation. The
Boulder Group has not made any investigation, and makes no warranty or representation. The information contained
in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group
has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any
investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy
or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the
information set forth herein.
www.bouldergroup.com

4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant Chipotle ground lease property with additional
developable land located in Richmond, Virginia. The newly constructed 2,215 square foot Chipotle building and 29,708 square
feet of developable land are located approximately nine miles northwest from downtown Richmond in a primary retail area.
The ten year ground lease features rental escalations every five years throughout the primary term and in each renewal option
period. Chipotle is an industry leader and a publicly traded company on the New York Stock Exchange (CMG) with a market
capitalization in excess of $16 billion. The adjacent developable land offers an investor the potential to create value.
The Chipotle ground lease must be purchased with the adjacent 29,708 square foot development pad. The combined 56,715
square feet of land form outparcel number four of the Staples Mill Square shopping center. Staples Mill Square is a Target,
OfficeMax, and Petco anchored center with approximately 200,000 square feet of retail. The development pad is fully approved
for a 2,800 square foot retail building with 27 parking spaces.
The property is located along Staples Mill Road, a heavily trafficked north-south thoroughfare that leads to downtown Richmond.
Staples Mill Road experiences traffic counts in excess of 33,000 vehicles per day. There are over 180,000 people living within a
five mile radius earning an average household income in excess of $80,000. A 124,000 square foot Kroger anchored shopping
center is currently being developed immediately across the street. Other national retailers located in the immediate vicinity
include CVS, Rite Aid, Union Bank & Trust, Food Lion, BB&T Bank, Starbucks and a Wawa convenience store.
The recently signed Chipotle ground lease is for ten years and expires on April 30, 2023. The ground lease features 10% rental
escalations every five years throughout the primary term and renewal options. There are four 5-year renewal option periods.
Chipotle is a publicly traded company (NYSE: CMG) with a market capitalization in excess of $16 billion and over 1,500 locations.
INVESTMENT HIGHLIGHTS
• Located within the Richmond MSA
• 10% rental escalations every five years throughout the primary term and renewal option periods
• Chipotle is publicly traded (NYSE: CMG) with a market capitalization in excess of $16 billion
• Value add opportunity with the adjacent 29,708 square foot retail development pad
• Outparcel to an approximately 200,000 square foot Target, OfficeMax, and Petco
anchored shopping center
• Across the street from a Kroger anchored shopping center that is under
development
• Other retailers in the immediate vicinity include CVS, Rite Aid, Food Lion, BB&T
Bank, Union Bank & Trust, Starbucks, McDonald’s and a Wawa convenience store
• The average annual household income within seven miles of the property is
approximately $87,000
www.bouldergroup.com

5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
CHIPOTLE
Price:
$1,725,000
Rent Schedule:
NOI
Escalation Date
$80,000
$88,000
$96,800
$106,480
$117,128
$128,840
5/1/2018
5/1/2023 (Option 1)
5/1/2028 (Option 2)
5/1/2033 (Option 3)
5/1/2038 (Option 4)
Renewal Options:
Four 5-Year
Lease Commencement Date:
May 1, 2013
Lease Expiration Date:
April 30, 2023
Tenant:
Chipotle (NYSE: CMG)
Year Built:
2013
Lease Type:
Ground Lease
Building Size:
2,215 SF
Ground Lease Land Size:
27,007
www.bouldergroup.com

6. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
ADDITIONAL LAND - MUST BE BOUGHT TOGETHER
Developable Land Size:
29,708 SF
Approvals:
2,800 SF Retail Building With 27 Parking Spots
Zoning:
B-2C
Estimated CAM Charges:
$6,026 (Annual)
Estimated Taxes:
$2,197 (Annual)
www.bouldergroup.com

7. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
N
HERMITAGE HIGH SCHOOL
2,000+ STUDENTS
AD
RO
LL D
MI VP
S 0
LE 00
AP 33,
ST
www.bouldergroup.com

8. SITE PLAN
SITE PLAN
N
NET LEASED INVESTMENT OFFERING
N
DEVELOPABLE
LAND AREA
STAPLES MILL ROAD (ROUTE 33)
OUTDOOR SEATING
DEVELOPABLE
LAND AREA
FUTURE
RETAIL
2,800 SF
STAPLES MILL ROAD (ROUTE 33)
www.bouldergroup.com

9. MAPS
NET LEASED INVESTMENT OFFERING
MAPS
www.bouldergroup.com

10. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
Chipotle Mexican Grill is a chain of restaurants with operations in the United States, United Kingdom, Canada,
Germany, and France that specialize in burritos and tacos. The company released a mission statement called
Food with Integrity; that highlights its efforts to use organic ingredients and to serve more naturally raised meat
than any other restaurant chains. Chipotle is one on the first chains of fast casual dining and continues to be
a leader in this restaurant subsector. Fast casual is the fastest growing segment of the restaurant industry,
where customers expect food quality that is more in line with full-service restaurants, coupled with the speed
and convenience of fast food.
Chipotle is publicly traded on the New York Stock Exchange, CMG, with a market capitalization in excess of $16
billion. There are over 1,500 locations and over 37,000 full time employees. Chipotle was founded in 1993 in
Denver, Colorado, where the company is based today.
Website:
Number of Locations:
Headquarters:
Stock Symbol:
Market Capitalization:
Revenue (ttm):
Quarterly Revenue Growth (yoy):
Quarterly Earnings Growth (yoy):
www.chipotle.com
1,500+
Denver, Colorado
NYSE: CMG
$16+ Billion
$3.07 Billion
18.00%
15.30%
www.bouldergroup.com

11. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population
Total Population
Total Households
3-mi
5-mi
7-mi
84,786
35,880
182,653
77,437
328,633
136,548
$52,271
$66,071
$58,149
$80,678
$60,293
$86,928
Income
Median Household Income
Average Household Income
www.bouldergroup.com

12. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
Richmond is the capital of the commonwealth of Virginia. As of the 2010 census, the
population for the city of Richmond was 204,214 while the population for the Richmond MSA
was 1,208,101. Richmond’s economy is primarily driven by law, finance, and government,
with federal, state, and local government agencies, as well as notable legal and banking
firms. The area is home to six Fortune 500 companies; Dominion Resources, CarMax,
Owens & Minor, Genworth Financial, MeadWestvaco, and Altria Group. Additionally, tourism
is an important industry for Richmond due to the high number of historic sites in the area.
The city is home to both the United States Court of Appeals for the Fourth Circuit, one of 13 United States courts
of appeals, and the Federal Reserve Bank of Richmond, on of 12 Federal Reserve Banks. It is home to four of
the largest law firms in the United States: Hunton & Williams, McGuireWoods, Williams Mullen, and LeClairRyan.
Richmond also benefits from an excellent position in reference to the state’s transportation network, lying at the
junction of east-west Interstate 64 and north-south Interstate 95, two of the most heavily traveled highways in
the state, as well as along several major rail lines.
www.richmondgov.com
www.bouldergroup.com

13. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road, Suite 1801
Northbrook, IL 60062
Randy Blankstein
President
847.562.0003
rblank@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com
www.bouldergroup.com