For Sale
$2,983,000

1003 Village Center DrTarentum, PA 15084

High-performing Chipotle, 15-year lease

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple ownership of a newly constructed (2023), 2,496 square-foot Chipotle restaurant situated on a 0.66-acre outparcel lot in Tarentum, Pennsylvania. The property boasts a 15-year net lease with two 5-year and one 4-year options, commencing September 27, 2023, and featuring a 10% rent increase every five years. The lease is backed by a corporate guarantee from Chipotle Mexican Grill, Inc. (NYSE: CMG), a financially strong tenant with significant market presence. This high-performing location, ranking within the top 30% nationally and top 3 within a 15-mile radius, benefits from its strategic placement within the Village at Pittsburgh Mills shopping center, a major retail destination attracting 5.6 million annual visitors. The property is conveniently located near major roadways, including Route 28, and enjoys high visibility due to its proximity to other prominent retailers such as Lowe's, Walmart, Sam's Club, and more. The building features a "Chipotlane" drive-thru, catering to the growing demand for digital orders. The property's minimal landlord responsibilities are limited to roof and structure maintenance, further enhancing its investment appeal. The asking price is $2,983,000, representing a 5.25% cap rate and a price per square foot of $1,195.11. The current annual net operating income (NOI) is $156,624. The building includes an outdoor seating area. The Duro-Last PVC roof carries a 20-year "no dollar limit" warranty.

Highlights

  • New construction Chipotle with drive-thru, 15-year net lease in the Pittsburgh MSA.
  • Rent commenced September 2023; 14.1 years remaining lease term.
  • Outparcel to Lowe's, part of Village at Pittsburgh Mills shopping center (5.6 million annual visitors).
  • High-performing Chipotle, top 30% nationally and top 3 in its immediate trade area.
  • 10% rent increases every 5 years.
  • Minimal landlord responsibility (roof/structure only); Duro-Last PVC roof with a 20-year warranty.

Property Details for 1003 Village Center Dr

Property type
Retail properties, Restaurants
Square Feet
2,496 SF
Year Built
2023
Buildings
1
Stories
1
Lot Size (sq. ft)
28,750 SF

Location Insight

City
Tarentum
County
Allegheny
State
Pennsylvania
Latitude
40.5695456
Longitude
-79.8023966
1003 Village Center Dr, Tarentum, Pennsylvania

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1003 Village Center Dr
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