The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant net leased Chipotle property located at 3232 South 27th
Street in Milwaukee, WI for $1,824,000.
Chipotle is the sole occupant of the 2,295
square foot retail building that was awarded the Mayor’s Design Award for its
outstanding architecture. The 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. The property is located
within a densely populated area with over 400,000 people living within five
miles. A Walmart Supercenter and Walgreens anchored development is located
across the street from the property. There are approximately 10 years remaining
on the Chipotle lease that was recently extended.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller, a private
investor based in Chicago. The buyer was an investor in a 1031 exchange from
California.
Chipotle has
approximately 10 years remaining on their net lease that was recently extended.
The lease features a 12.5% rental escalation in the primary term and renewal
option period. Chipotle is a publicly traded company (NYSE: CMG) with a market
capitalization in excess of $16 billion.
“The market for net lease properties
in Top 50 MSAs remains robust as these assets are in high demand among private
investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group,
added, “Properties with rental escalations throughout
the lease term are at the forefront of investor demand because they provide
investors with an inflationary hedge.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.