Single Tenant Property For Sale
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  • 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