Brand New Construction Chipotle with "Chipotlane" Drive-Thru

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Chipotle, (the “Property”) in St. Petersburg, Florida. The property is leased to Chipotle under a newly executed 15-year fee simple triple-net (NNN) lease, featuring 10% rental increases every five years. This NNN lease structure ensures no maintenance for a passive ownership experience, with the added security of a corporate guaranty from Chipotle Mexican Grill, Inc. (NYSE: CMG). This brand new Chipotle just opened on February 24th, 2025, and includes a convenient drive-thru “Chipotlane.” Chipotle is strategically located on 34th Street S. (41,000 VPD) in St. Petersburg, offering excellent visibility to high-traffic flow. The property sits less than 1 mile from Interstate 275, a major interstate highway boasting over 150,000 VPD. St. Petersburg is located just 15 miles southwest of Tampa, within the Tampa MSA, which is home to over 3.34 million residents and ranks as the 17th largest metropolitan area in the United States. The Florida location allows the owner to take advantage of not having to pay state income tax on the asset. The 5-mile radius surrounding the property features strong demographics, with a population of over 192,000 and more than 92,000 households. The 1-mile area surrounding the property saw tremendous growth of over 22% in the population and nearly 27% in the number of households since 2020. The growth is projected to continue through 2029 by nearly 8% and 10% respectively. Within the same 1-mile area surrounding the property, the average household income surpasses $124,000. The area is poised for continued growth, driven by a surge in construction and new developments throughout St. Petersburg. Just seconds from the property, along 34th Street S. (41,000 VPD), the Marina Club Apartments are expected to be complete in 2025 and bring 400 brand new Class A apartment units. The Convivial St. Petersburg is a planned development just adjacent to the Marina Club Apartments that will add 170 independent living units and 48 assisted living units. Chipotle is a leading fast casual restaurant chain with more than 3,600 locations and over 125,000 employees, which together serve over 1 million customers daily. As of Q3 2024, Chipotle’s total revenue was $2.8 billion, an increase of 13.0% compared to Q3 2023. In the same period, Chipotle opened 86 new company-operated restaurants, of which 73 included a Chipotlane, and one international licensed restaurant.