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INVESTMENT OPPORTUNITY

CHIPOTLE - BARSTOW, CA

2590 E. High Point Parkway Barstow, CA I-15 FREEWAY, MAIN STOP BETWEEN L.A. & VEGAS

California Commercial Partners, Inc.


GALLERY

This offering memorandum is a solicitation of interest only and is not an offer to sell the Property. The information contained in this memorandum has been obtained from sources we deem reliable; however, neither California Commercial Partners, Inc. nor Seller make any representations or warranties about the accuracy of the information contained herein. Buyer agrees to hold California Commercial Partners, Inc. and Seller harmless from any and all claims arising out of Buyers potential purchase of this investment. It is expected that any prospective buyer will conduct its own independent investigation concerning this property.

ER

DISCLAIM

California Commercial Partners, Inc. 220 Newport Center Drive, Suite 18 Newport Beach, CA 92660 CONTACT: IAN FURAR P: 949.717.7711 X/11 F: 949.717.0011 DRE# 01255089! Ian@ccpire.com


I-15 & LENWOOD ROAD INTERCHANGE at HIGH POINT PARKWAY

California Commercial Partners, Inc. 220 Newport Center Drive, Suite 18 Newport Beach, CA 92660

CONTACT: IAN FURAR P: 949.717.7711 X/11 F: 949.717.0011 DRE# 01255089 Ian@ccpire.com


INVESTMENT OVERVIEW

INVESTMENT SUMMARY PROPERTY ADDRESS:

2590 E. Highpoint Parkway, Barstow, CA

OFFERING PRICE:

$1,825,000

CAP RATE (Actual):

6.25%

TERM:

10 Year Primary Term (11-20-09 Start Date)

NOI (Year 1): RENTAL INCREASES:

$114,000 12.5% every 5 years

OWNERSHIP:

Fee Simple

TOTAL LAND AREA:

1.29 Acres (56,192 SF)

TOTAL BUILDING AREA:

3,750 SF

APN:

0428-211-45

INVESTMENT CHARACTERISTICS Ideal 1031 Exchange Property: • Single Tenant Freestanding NNN Investment. • Long term 10 year Lease occupied and guaranteed by Chipotle Inc. - corporate tenant publicly traded on the NYSE (CMG). 3.6 Billion Market Cap, over 950 units • Building is owned by Landlord but maintained by Tenant allowing for cost recovery via depreciation by owner - a fantastic after tax benefit. • Property is available for immediate quick close if desired. Low hassle property: • Very little management is required. True “Triple Net” investment - Tenant is responsible for all taxes, Insurance and Maintenance for the entire property/parcel including the building.

California Commercial Partners, Inc. 220 Newport Center Drive, Suite 18 Newport Beach, CA 92660 CONTACT: IAN FURAR P: 949.717.7711 X/11 F: 949.717.0011 Ian@ccpire.com DRE# 01255089


PROPERTY CHARACTERISTICS Newly Remodeled Building on Large Parcel: • 3,750 Square Foot Building on approximately 1.29 acres of land. • Although tenant is responsible for all maintenance associated with the entire property, the building was just completely remodeled by Chipotle. Unparalleled Visibility: • Property has very large pole sign clearly visible to the I-15 freeway. • Located immediately off of the northbound offramp, this location is the first property you see as you exit the I-15 Northbound and is the point piece of Lenwood road at the I-15 offramp.

LOCATION CHARACTERISTICS Barstow, CA • Primary “stop” between Los Angeles and Las Veags. • Barstow is a major transportation corridor with more than 60 million people in 19 million vehicles traveling through Barstow each year. • Interstate 15 (I-15) is the fourth-longest north-south transcontinental Interstate Highway in the United States, traveling through the states of California, Nevada, Arizona, Utah, Idaho, and Montana. • Since I-15's inception, it has served as a long-haul route for North American commerce. It is now officially chartered for this purpose. From the junction of Interstate 515 in Las Vegas to the Canadian border I-15 forms part of the CANAMEX Corridor, a High Priority Corridor, as a result of the North American Free Trade Agreement.

California Commercial Partners, Inc. 220 Newport Center Drive, Suite 18 Newport Beach, CA 92660 CONTACT: IAN FURAR P: 949.717.7711 X/11 F: 949.717.0011 DRE# 01255089! Ian@ccpire.com!


TENANT SUMMARY CHIPOTLE MEXICAN GRILL, INC.: • NYSE: CMG • Chipotle Mexican Grill, Inc. (Chipotle) develops and operates fast-casual, Mexican food restaurants in 35 states throughout the United States, the District of Columbia, and Ontario, Canada. As of December 31, 2009, the Company operated 956 restaurants. Chipotleʼs restaurants serve a focused menu of tacos, burritos, salads and burrito bowls (a burrito without the tortilla). The Company manages its operations and restaurants based on five regions and has aggregated its operations to one segment. The Company categorizes its restaurants as either end caps (at the end of a line of retail outlets), in-lines (in a line of retail outlets), free standing or other. Of its restaurants in operation as of December 31, 2009, Chipotle had 198 freestanding units, 577 end-cap locations, 150 inline locations and 31 other. The average restaurant size is about 2,600 square feet and seats about 55 people. Most of its restaurants also feature outdoor patio space. •In preparing its food, Chipotle uses gas stoves and grills, pots and pans, cutting knives, wire whisks and other kitchen utensils, walk-in refrigerators stocked with a variety of fresh ingredients, herbs and spices and dry goods, such as rice. Ingredients it uses include chicken and steak that is marinated in its restaurants, carnitas (seasoned and braised pork), barbacoa (spicy shredded beef) and pinto and vegetarian black beans. It adds its rice, which is tossed with lime juice and chopped cilantro, as well as shredded cheese, sour cream, lettuce, peppers and onions, depending on each customerʼs request. It uses various herbs, spices and seasonings to prepare its meats and vegetables. Chipotle also provides a variety of extras such as guacamole, salsas and tortilla chips seasoned with fresh lime and kosher salt. In addition to sodas and fruit drinks, most of its restaurants also offer a selection of beer and margaritas.

California Commercial Partners, Inc. 220 Newport Center Drive, Suite 18 Newport Beach, CA 92660 CONTACT: IAN FURAR P: 949.717.7711 X/11 F: 949.717.0011 DRE# 01255089! Ian@ccpire.com


CHIPOTLE MEXICAN GRILL, INC. Company Profile: • Publicly Traded NYSE: CMG • Founded in 1993 • Headquarters: Denver Colorado • Operating over 950 restaurants in 35 states, District Of Columbia and Canada. First European location to open in London England in 2010. Financials: • Market Capitalization: $3.6 Billion • Revenue: #1.58 Billion (2009) • Operating Income: $203 Million (2009) • Net Income: $126 Million (2009) • Number of Locations: 950+ • Employees: 22,250 (2009) • Industry: Restaurants Website: • www.chipotle.com Direct Competitors: • Rubioʼs Restaurants Inc. • Baja Fresh • Panda Restaurant Group • Qdoba Restaurant Group Strong Management Team And No Debt Issues Make Chipotle A Great Investment, According To Senior Equity Analyst at Crowell, Weedon & Co. Wall Street Journal - Dec. 24, 2009

California Commercial Partners, Inc. 220 Newport Center Drive, Suite 18 Newport Beach, CA 92660 CONTACT: IAN FURAR P: 949.717.7711 X/11 F: 949.717.0011 DRE# 01255089! Ian@ccpire.com


LEASE ABSTRACT Property Address:

2590 E. Highpoint Parkway, Barstow, CA

Tenant:

Chipotle Mexican Grill, Inc. (NYSE:CMG)

Type of Lease:

Absolute NNN Lease

Premises:

3,750 SF Freestanding Building on and including approximately 1.29 Acres of Land.

Lease Term:

10 Years

Renewal Options

Four (4) Five (5) year options

Lease Commencement:

November 20, 2009

Lease Expiration:

November 19, 2019

Common Area Expenses:

Paid By Tenant

Insurance:

Paid By Tenant

Utilities:

Paid By Tenant

Repairs and Maintenance:

Paid By Tenant - Including roof and structure.

*Building is owned by Landlord but maintained by Tenant and as such can be used for cost recovery (depreciation). Please consult a tax advisor.

California Commercial Partners, Inc. 220 Newport Center Drive, Suite 18 Newport Beach, CA 92660 CONTACT: IAN FURAR P: 949.717.7711 X/11 F: 949.717.0011 DRE# 01255089! Ian@ccpire.com


California Commercial Partners, Inc. 220 Newport Center Drive, Suite 18 Newport Beach, CA 92660 CONTACT: IAN FURAR P: 949.717.7711 X/11 F: 949.717.0011 DRE# 01255089 ! ! Ian@ccpire.com


SNAPSHOTS

California Commercial Partners, Inc. 220 Newport Center Drive, Suite 18 Newport Beach, CA 92660 CONTACT: IAN FURAR P: 949.717.7711 X/11 F: 949.717.0011 DRE# 01255089 ! ! Ian@ccpire.com


For Sale - Chipotle NNN Corp. Lease