The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Chipotle property located at 2302 Thornton Lansing Road in Lansing, Illinois for $2,450,000. The 2,465 square-foot building was constructed in 2024 specifically for Chipotle and is situated in the south suburban portion of the Chicago metropolitan area.<\/p>\n
The Chipotle property at 2302 Thornton Lansing Road in Lansing, Illinois occupies a hard corner position at a signalized intersection along IL-83 and Thornton Road. IL-83 carries approximately 30,000 vehicles per day past the property. Interstate 94, which carries approximately 193,000 vehicles per day, is located just minutes from the site. SR-394, carrying approximately 86,000 vehicles per day, also provides convenient regional access. The property is located within the Chicago-Naperville-Elgin Metropolitan Statistical Area, which ranks as the third-largest MSA in the United States with a population of approximately 9.5 million. Lansing is a village in Cook County, Illinois, situated approximately 25 miles south of downtown Chicago. The population within five miles of the property exceeds 220,000 residents. The average household income within three miles is approximately $94,000. The population within one mile is approximately 12,790 residents across more than 5,100 households. The Chipotle in Lansing, Illinois is surrounded by a strong concentration of national retailers including Walmart Supercenter, Chick-fil-A, Walgreens, McDonald’s, Starbucks, Dunkin’, Taco Bell, Popeyes, Subway, AutoZone, O’Reilly Auto Parts, Dollar Tree, Planet Fitness, Quest Diagnostics, and AT&T. Thornton Fractional South High School, serving approximately 1,800 students, is located nearby and generates consistent daily traffic. Oak Glen Elementary School and Memorial Junior High School are also in close proximity to the property. Lansing Municipal Airport is located within the village, providing additional commercial activity in the area.<\/p>\n
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a private family located in the Midwest. The buyer was a family trust based in California that acquired the net leased Chipotle property as a long-term passive investment.<\/p>\n
The lease at the Chipotle property in Lansing, Illinois is structured as an absolute triple net lease, requiring zero landlord responsibilities. The lease expires on May 31, 2039, leaving approximately 13 years of remaining term. The lease commenced on May 14, 2024. Rental escalations of 10% occur every five years throughout the primary lease term, providing built-in income growth. The tenant has four 5-year renewal options, extending the potential lease term through 2059. As an absolute NNN lease, the property owner has no responsibility for taxes, insurance, maintenance, or capital expenditures.<\/p>\n
Chipotle Mexican Grill, Inc. is headquartered in Newport Beach, California and was founded in 1993 in Denver, Colorado. The company is a leading fast-casual restaurant chain specializing in customizable Mexican-inspired dishes including burritos, burrito bowls, tacos, quesadillas, and salads prepared with fresh ingredients. Chipotle operates more than 4,000 restaurant locations across the United States and international markets including Canada, the United Kingdom, France, and Germany. The company employs more than 130,000 people and has been a pioneer in digital ordering through its mobile application and loyalty program. Chipotle Mexican Grill, Inc. carries an investment-grade credit rating.<\/p>\n
\u201cNet leased fast-casual restaurant properties with long-term leases and investment-grade tenants continue to attract strong investor demand across all buyer profiles,\u201d said Randy Blankstein, President of The Boulder Group. \u201cChipotle remains one of the most sought-after tenants in the net lease sector due to its national brand recognition and continued expansion.\u201d Jimmy Goodman, Partner of The Boulder Group, added, \u201cThis new construction Chipotle in Lansing, Illinois drew significant interest from investors due to its absolute NNN lease structure with zero landlord responsibilities, 10% rental escalations every five years, and its positioning at a signalized hard corner along a high-traffic corridor within the Chicago MSA.\u201d John Feeney, Senior Vice President of The Boulder Group.<\/p>\n