$2,612,612
$2,636,364
0.9%For more information regarding the value of a property, please contact us for a free consultation.
5,436 SqFt
SOLD DATE : 07/18/2024
Key Details
Sold Price $2,612,612
Property Type Commercial
Sub Type Retail
Listing Status Sold
Purchase Type For Sale
Square Footage 5,436 sqft
Price per Sqft $480
MLS Listing ID PABK2041888
Sold Date 07/18/24
Originating Board BRIGHT
Year Built 1999
Annual Tax Amount $27,625
Tax Year 2023
Lot Size 2.330 Acres
Acres 2.33
Lot Dimensions 0.00 x 0.00
Property Description
15 Maplewood Drive is a opportunity to purchase a Net Leased Investment property with a long term lease by Chipotle. Chipotle is currently completing their construction and is scheduling to open in June.
Investment Highlights-
New 15-Year Lease with 10% Increases Every 5 Years
Enhanced Value in Oversized 2.33-Acre Parcel with “Chipotlane” Drive-Thru
Strong Corporate, Investment Grade Retailer (NYSE: CMG)
Signaled Corner, High Traffic Location to 37,638 VPD
High Placer.ai Counts from Neighboring Uses
Industry Leader with 3,000+ Locations and $7.5B in Revenue
New 15-Year Corporate Lease - The Tenant, Chipotle Mexican Grill, Inc., is subject to a new 15-year lease to commence in Summer 2024. The corporate lease features 10 percent rental increases every five years during the base term and option periods, providing an excellent hedge against inflation. Chipotle will operate in a 5,468-square-foot store, with 3,100 square-feet on the ground floor. There is a 2,200-square-foot lower level but it will not be used by the tenant. The site will also feature a "Chipotlane" modernized drive-thru. A longtime leader and innovator in the food industry, Chipotle is publicly traded on the New York Stock Exchange under the ticker NYSE: CMG.
Oversized 2.33-Acre Parcel – The Tenant occupies a 2.33-acre parcel which is significantly larger than typical for Chipotle. On average, Chipotle locations occupy between 0.50-1.0-acres. This enhances the security of the investment by offering long-term flexibility. The developer completed various layout configurations for this parcel including two pad buildings as well as a strip center, but elected for the faster and less capital intensive option of retrofitting this former bank branch. The buyer will inherit this long-term upside to maximize the lot’s area should the tenant vacate.
Prominent, High Traffic Location - Chipotle is prominently located along Maplewood Drive with fully signalized access between the east and westbound lanes of Route 422. Route 422 is the area’s primary route, averaging 37,638 vehicles per day. The property is at the center of the Douglassville retail node.
*Owners are PA Licensed Real Estate Agents
Please Contact Listing Agent for more information,
Location
State PA
County Berks
Area Amity Twp (10224)
Zoning HC
Interior
Hot Water Other
Heating Central
Cooling Central A/C
Heat Source Central
Exterior
Garage Spaces 29.0
Water Access N
Accessibility 2+ Access Exits
Total Parking Spaces 29
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Daniel Boone Area
Others
Tax ID 24-5364-14-34-5242
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Mark C Trani • Zommick McMahon Commercial Real Estate
“Molly's job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! ”