Chipotle w/ Drive-Thru Cullman, Alabama

$2,095,000
Cap Rate: 5.25%
Available
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.25%
Price: $2,095,000
Rentable Square Feet: 3,540
Annual Rent: $110,000
Land Area: 0.83 Acres
Year Built: 2009 / 2019
Lease Guarantor: Chipotle Mexican Grill, Inc.
Lease Type: NNN
Lease Term: 10 Years
Option Periods: 4, 5-Year Options
Rent Increases: 10% Every 5 Years
Lease Expiration: 11/30/2029

1821 Cherokee Avenue SW
Cullman, AL 35055

Investment Highlights

  • 10-Year, NNN Lease with No Landlord Responsibilities
  • Four, Five-Year Renewal Options
  • 10 Percent Increases Every Five Years Through Base Term and Options
  • Brand New Location, Includes New Chipotle Drive-Thru, ‘Chipotlane’
  • Corporately Guaranteed Lease by Chipotle Mexican Grill, Inc. (NYSE: CMG) a Publicly Traded Company
  • Strategically Located at the Center of Cullman’s Major Retail Corridor
  • Other Surrounding National Retailers Include Lowe’s, Aldi, Planet Fitness, Hobby Lobby, Ashley Furniture HomeStore, Tractor Supply Company, Big Lots, Hibbett Sports, Dollar General, Aspen Dental, Advance Auto Parts, CVS, Walgreens, Starbucks, Chick-fil-A, Applebee’s, KFC, McDonald’s and Many More

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a new Chipotle Mexican Grill in Cullman, Alabama. With new construction, this property opened in November 2019. This Chipotle has a new 10-year, triple net lease and offers four, five-year renewal options. There are 10 percent rent increases every five years throughout the base term and option periods. This Chipotle location in Cullman will include the drive-thru. Customers are able to place their order through the Chipotle mobile app or via website, then pick it up in the “Chipotlane,” all without ever having to leave their car.

The subject property is at the center of Cullman’s major retail corridor, located along Highway 69 with a daily traffic count of more than 22,500 vehicles. The subject property is located at a signalized intersection between Lowe’s and Walmart Supercenter, and directly across the street from AMC Theatres, TJ Maxx, and Anytime Fitness. Other surrounding national retailers include Aldi, Planet Fitness, Hobby Lobby, Ashley Furniture HomeStore, Tractor Supply Company, Big Lots, Hibbett Sports, Dollar General, Aspen Dental, Advance Auto Parts, CVS, Walgreens, Starbucks, Chick-fil-A, Applebee’s, KFC, McDonald’s and many more.

Cullman, Alabama is 50 miles North of Birmingham. Cullman received a Silver Excellence in Economic Development Award for Business Retention & Expansion from the International Economic Development Council (IEDC); was ranked #5 as Most Business Friendly City in Alabama by the Alabama Policy Institute; and was named the #2 U.S. Micropolitan Area by Site Selection magazine. In addition, Cullman was named #1 in Alabama for New & Expanding Industry in 2016 and 2013 rankings by the State of Alabama, and Southern Business & Development magazine ranked Cullman the #6 Community that is a Manufacturing Location No-Brainer.


Eddie Greenhalgh

Broker of Record

Lic.# 00008-8298

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