The Boulder Group is pleased to exclusively market for sale a single tenant Chipotle property located in Milwaukee, Wisconsin. Chipotle has successfully operated at this located since 2003 and recently extended their lease an additional 10 years. Chipotle is committed to the site as evidenced by their recent lease extension which expires July 2023 with 12.5% rental escalations every five years. Chipotle is a publicly traded company on the New York Stock Exchange with a market capitalization in excess of $16 billion.
The Chipotle property is located along South 27th Street, a heavily trafficked north-south thoroughfare approximately five miles southwest of downtown Milwaukee. South 27th Street experiences traffic counts in excess of 31,000 vehicles per day. Additionally, the property benefits from its proximity to the signalized intersection of West Oklahoma Avenue and South 27th Street, which experiences traffic counts in excess of 52,000 vehicles per day. Furthermore, Aurora St. Luke’s Medical Center, the number one ranked hospital in Milwaukee, is located at the heavily trafficked intersection. Aurora St. Luke’s Medical Center is a 710-bed facility with over 130,000 annual visitors (27,610 inpatient surgeries, 41,028 outpatient surgeries, & 61,734 emergency room visits).
The property is located within a densely populated area with over 400,000 people living within five miles. The Chipotle is well positioned in a prime retail corridor across the street from a Walmart Supercenter and Walgreens, creating constant traffic flow near the site. Other retailers in the immediate vicinity include Kohl’s, Pick ‘n Save, Chase Bank, PNC Bank, CVS, Michael’s, Marshalls, and OfficeMax.
Chipotle recently opted to extend their original lease to ensure their presence at this location for ten additional years. The newly extended lease expires on July 25, 2023 and features rare 12.5% rental escalations every five years throughout the primary term and renewal option period. Chipotle is a publicly traded company (NYSE: CMG) with a market capitalization in excess of $16 billion and has over 1,500 locations.