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 excited to present the opportunity to acquire a Multi -Tenant NNN leased investment located in Poulsbo, WA. This prime property features a Chipotle with the new prototype design that consists of a pickup window “Chipotlane” for the customers with meals prepared in the Chipotle mobile-app. Positioned on a +/-1.55 acre site, and featuring a monument sign, the site is ideally located at the intersection of Olhava Way NW and Market PL NW. The property is located just across the street form a Walmart Supercenter and some of the other surrounding business include, Home Depot, Petco, Big 5 Sporting Goods, Mariott and more.
PROPERTY ADDRESS: 21401 Olhava Way NW Poulsbo, Washington TENANTS: CHIPOTLE LEASE TYPE: NNN YEAR BUILT: 2023
in an Income Tax Free State 10% Base Rent Increases Every 5-Years
Lease Guaranteed by Chipotle Corporate
LEASE GUARANTOR: Chipotle Corporate
NUMBER OF LOCATIONS: 3,437 (2023)
HEADQUARTERS: Newport Beach, CA
WEBSITE: www.chipotle.com
PROPERTY ADDRESS: 21401 Olhava Way NW, Poulsbo, Washington
GUARANTOR:
Chipotle Corporate
OWNERSHIP TYPE: Fee Simple
SQUARE FOOTAGE: ±2,325 SF
TERM: 15-Years
EXTENDED TERMS: Four, 5-Year Options
LEASE TYPE: NNN
LANDLORD RESPONSIBLE:
Roof and Structure
COMMENCEMENT DATE: October 11, 2023
MANAGEMENT FEE: $200 Per Month
Chipotle is an American chain of fast casual restaurants specializing in bowls, tacos, and Mission burritos made to order in front of the customer. Chipotle operates restaurants in the United States, United Kingdom, Canada, Germany, and France. Its name derives from chipotle, the Nahuatl name (from chilpoctli) for a smoked and dried jalapeño chili pepper.
Chipotle was one of the first chains of fast casual dining establishments. Founded by Steve Ells on July 13, 1993, Chipotle had 16 restaurants (all in Colorado) when McDonald’s Corporation became a major investor in 1998. By the time McDonald’s fully divested itself from Chipotle in 2006, the chain had grown to over 500 locations. With more than 2,000 locations, Chipotle had a net income of US$475.6 million and a staff of more than 45,000 employees in 2015.
SUBJECT PROPERTY
Poulsbo is a city on Liberty Bay in Kitsap County, Washington, United States. It is the smallest of the four cities in Kitsap County. The area was historically inhabited by the Suquamish people, many of whom moved to the Port Madison Indian Reservation after the signing of the Treaty of Point Elliott in 1855. Poulsbo was founded in the 1880s by Norwegian immigrant Jørgen Eliason, who was joined by other Scandinavians who relocated from the Midwestern states.
Modern-day downtown Poulsbo maintains a Scandinavian theme to honor its early immigrant history and is a popular regional tourist destination. One of its local products, Poulsbo Bread, is made locally at Sluys Bakery and used to be sold internationally. Many visitors arrive by boat; there are three marinas near the town, and the town’s harbor is an excellent anchorage.
