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Chipotle, Homewood, AL

Chipotle

Homewood, AL

Price $2,892,000
Cap Rate 4.15%
NOI $120,000
Lease Term 15 Years
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 2,325 SF
Lot Size ±0.38 Acres (16,415 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR GUARANTEED ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES
» New 15-year absolute NNN lease with scheduled rental increases in initial term and option periods, providing a hedge against inflation
» Strong corporate guarantee from an investment-grade national tenant (NYSE: “CMG”)
» In 2021 Chipotle’s total revenue increased 26.1% to $7.5 billion, comparable restaurant sales increased 19.3%, and digital sales grew 24.7%
» 2022 construction featuring latest Chipotle prototype with a “Chipotlane” and outdoor patio seating

HIGH VISIBILITY LOCATION IN LARGE, AFFLUENT, AND GROWING BIRMINGHAM SUBURB
» High visibility location along Lakeshore Parkway, a primary east-west Homewood corridor (57,754 AADT)
» Proximity to Interstate 65 (132,104 AADT), carrying massive amounts of commuter traffic to and from Birmingham
» 180,166 residents within a five-mile radius of the property, creating a large and reliable customer base for the site
» Average annual household income of $102,344 within one mile of the site
» Projected 13% average annual household income increase within one mile of the site in the next five years, poising Chipotle and Homewood for concurrent growth

PROMINENT LOCATION IN THE HEART OF HOMEWOOD’S PRIMARY RETAIL CORRIDOR
» Prominent location within Wildwood Centre, a 225,000+ SF retail center featuring multiple national retailers and major Homewood economic drivers
» Surrounded by well-established national tenants such as Walmart Supercenter, Lowe’s Home Improvement, Sam’s Club, Aspen Dental (under construction), Hobby Lobby, Hibbett Sports, and many more
» Strategic location with six major national hotel brands all within a one-mile radius, greatly increasing foot traffic directly to the site
» Two miles from Samford University (5,471 students, 13 consecutive years of record enrollment)
» Gateway to Birmingham, the most populous city in Alabama (209,403 population)



Property Description

This Chipotle has a high visibility location along Lakeshore Parkway, a primary east-west Homewood corridor (57,754 AADT). The property experiences increased activity from its proximity and access to Interstate 65 (132,104 AADT), carrying massive amounts of commuter traffic to and from Birmingham. The site is located in a densely populated area with 180,166 residents living within a five-mile radius of the location. The surrounding area is affluent with an average annual household income of $102,344 within one mile of the site and projected to increase 13 percent by 2026, poising Chipotle and Homewood for significant concurrent growth.

The property benefits from its prominent location in the heart of Homewood’s primary retail corridor. The site is strategically located within Wildwood Centre, a 225,000+ SF retail center featuring multiple national retailers and major Homewood economic drivers. The property is surrounded by well-established national tenants such as Walmart Supercenter, Lowe’s Home Improvement, Sam’s Club, Aspen Dental (under construction), Hobby Lobby, Hibbett Sports, and many more. The location is situated near six major national hotel brands all within a one-mile radius, greatly increasing foot traffic directly to the site. The property is two miles from Samford University (5,471 students, 13 consecutive years of record enrollment) and serves as a common gateway to Birmingham, the most populous city in Alabama (209,403 population).

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