NEW CONSTRUCTION CHIPOTLE IN TEXAS ACQUIRED FOR $4MMM
January 12, 2021
Just closed! We assisted our client with the 1031 exchange upleg acquisition of a brand new 2020 construction Chipotle with a drive thru in Spring, Texas (Houston metro). The property was identified as a suitable upleg for its desirable new NNN lease, strong corporate tenant, and great location with high traffic volume in a rapidly growing area of an income tax-free state. The new NNN lease has 15 years remaining, three five-year options, and 10 percent rent increases every five years. The upleg was acquired at a 4.13% cap rate for $4,000,000. For more information, please contact Steve “Bogie” Bogoyevac at Steve.Bogoyevac@MarcusMillichap.com.