The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Chipotle located at 305 West 11 Mile Road in Royal Oak, Michigan for $2,784,000.<\/p>\n
The 2,400 square foot property is positioned just off West 11 Mile Road (13,450 VPD) and is within close proximity to Interstate 696 (187,000 VPD). Retailers in the area include McDonald\u2019s, CVS Pharmacy, Trader Joe\u2019s, PetSmart, Chase Bank, and Einstein Bros Bagels. The property is also several blocks away from a retail corridor with tenants such as Target, Kohl\u2019s, Kroger, Meijer, The Home Depot, Whole Foods Market, and more. There are 367,213 people living within 5 miles of the property with an average annual income of $81,124. This location was recently constructed in 2021 and features a 12-year lease. It is less than 20 minutes from downtown Detroit, Michigan.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction; a west coast based private individual. The seller was a Midwest based real estate investment firm.<\/p>\n
Chipotle is a publicly traded company on the New York Stock Exchange under the symbol \u201cCMG\u201d. Chipotle has over 2,900 locations across the United States, Canada, UK, Germany, and France. Chipotle\u2019s revenue for 2021 is $2.0 Billion.<\/p>\n
\u201cNet lease investors are looking to purchase real estate leased to e-commerce resistant tenants like Chipotle\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cChipotle\u2019s addition of a drive thru concept is attracting investors who typically look for QSR tenants similar to Chick-fil-a and McDonald\u2019s.\u201d<\/p>\n