This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the MAJ Commercial Real Estate affiliate or by the Seller.
The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections.
This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent.
Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer’s choosing.
The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties.
Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.
MAJ Commercial Real Estate is pleased to present the opportunity to acquire a Single Tenant Net Leased Investment located in Milwaukie, Oregon. The property is leased to Chipotle on a brand new 15-year term with a commencement date of February 2024. This location is Chipotle’s new prototype design that consists of a pickup window “Chipotlane” for customers with meals preordered in the Chipotle mobile-app. This site is ideally located at the corner of SE McLoughlin Blvd and SE Concord Road and will be located adjacent to a newly developed Chase Bank. Some of the surrounding businesses include Walmart Neighborhood Market, Starbucks, McDonalds, Ace Hardware, Office Depot and much more.
LEASE GUARANTOR: Chipotle Corporate
PARENT COMPANY: Chipotle Mexican Grill, Inc.
NUMBER OF LOCATIONS: 2,800 +/-
HEADQUARTERS: Newport Beach, CA
REVENUE 2020: $5.98 Billion
WEBSITE: www.Chipotle.com
PROPERTY ADDRESS:
15717 SE McLoughlin Boulevard, Milwaukie, Oregon 97267
GUARANTOR: Chipotle Corporate
OWNERSHIP TYPE: Fee Simple
LEASE TERM: 15-Years
EXTENDED TERMS: 4, 5-year Options
LEASE TYPE: NNN
LANDLORD RESPONSIBLE:
Roof and Structure
*15-Year Roof Warranty in Place
Founded in 1993 out of Denver, CO, Chipotle has become one of the fastest growing fast-casual restaurants globally, with more than 2,700 restaurants and over 88,000 employees across all locations.
Chipotle takes pride in how their food is prepared and the partnerships with farms from where the food is sourced, focusing on using only high-quality ingredients and serving their customers a full-service restaurant experience, but with the convenience of a fast-food style experience. Chipotle’s focus has always been on using higher-quality ingredients and cooking techniques to make great food accessible to all people at reasonable prices.
ADDRESS: 15717 SE McLoughlin Boulevard, Milwaukie, Oregon 97267
TENANT: Chipotle
TYPE: NNN YEAR BUILT: 2024 STORE OPENING: February 2024
Chipotles New Prototype including a “Mobile Pick Up Window”
15-year Initial Term
NNN Leased Investment
Newly Developed
More Chipotle customers are ordering in-store, while the chain keeps investing in digital and drive-thru
10/27/2022
After years of turning toward mobile orders and delivery, Chipotle customers are returning to stores to order in-person. In-store sales were up 22% in the third quarter of 2022 over the same period in the previous year, while digital sales were down 6% to make up 37% of all sales.
The resurgence of in-store sales is a break from what had been happening at Chipotle since 2020. Digital sales grew throughout the pandemic — supercharged by the chain’s continued investment in mobile. By the middle of 2021, they made up nearly half of all orders. At the time, Insider called it a change to the business model that made Chipotle popular in the first place.
source: https://www.businessinsider.com/chipotle-customers-are-returning-torestaurants-over-mobile-ordering-2022-10
It wasn’t that long ago fast casual and drive-thru were the industry’s oil and water. Pickup windows were seen as the hallmark of quick service’s biggest players—not its upstarts forging a fresh path.
And nobody drew the line in the asphalt sharper than Chipotle.
While the category pioneer spawned a fast-casual movement that would fill with copycats in the coming years, Chipotle’s ethos, sourcing, and operational style proved equal parts innovative and stubborn.
Put simply, the notion of Chipotle opening a drive-thru was unlikely on its best day.
However, former Taco Bell leader Brian Niccol’s arrival as CEO in the winter of 2018 turned the first blank page in Chipotle’s modern playbook. From digital make-lines to pickup shelves to delivery, loyalty, quesadillas, TikTok, esports, and more, Niccol targeted the one area he believed the brand was losing ground quickest: accessibility.
source: https://www.qsrmagazine.com/fast-casual/inside-rise-game-changing-chipotlane
Milwaukie is a city mostly in Clackamas County, Oregon, United States; a very small portion of the city extends into Multnomah County. The population was 21,119 at the 2020 census. Founded in 1847 on the banks of the Willamette River, the city, known as the Dogwood City of the West, was incorporated in 1903 and is the birthplace of the Bing cherry. The city is now a suburb of Portland and also adjoins the unincorporated areas of Clackamas and Oak Grove.
In 2015–2016, Milwaukie saw a boom in real estate. A big draw to the city was noticed right after the Orange Line from TriMet finished in 2015. A $1.4 billion project connecting the close-in suburb right to the heart of downtown Portland. In addition to the new Orange Line, Milwaukie finished a $2.2 million project to the city’s waterfront park.
Milwaukie is the home of Dark Horse Comics. Dark Horse is known for publishing works including Sin City, the character Hellboy, and the original graphic novel series 300, as well for producing dozens of films and television series, including The Mask and Timecop. The total office space of Dark Horse Comics occupies three city blocks in downtown Milwaukie, sporting numerous display windows visible to transit riders.
