Chipotle

Investment Overview

Mid-America Real Estate – Wisconsin, LLC has been retained on behalf of ownership to exclusively market for sale a freestanding, corporate guaranteed Chipotle with a Chipotlane located in Menomonie, Wisconsin. The property sits along N. Broadway Street immediately south of the Interstate 94 and State Highway 25 interchange (Exit 41), the dominant retail node serving Menomonie and Dunn County. The site has excellent visibility, freeway access and a dedicated pylon sign. The site sits next to a Kwik Trip that ranks in the top 10% of all Wisconsin locations, within a corridor of national operators that consistently outperform their statewide peers. The surrounding trade area includes Walmart Supercenter, Mills Fleet Farm, Marshalls, Five Below, Dunham's Sports, Culver's, Starbucks, McDonald's, Wendy's and Taco Bell, along with a concentration of interstate hotels. Combined traffic across Interstate 94 and N. Broadway Street exceeds 54,000 vehicles per day. The University of Wisconsin-Stout adds further demand, with 7,047 students enrolled in fall 2025 just two miles south on the same corridor. Steady interstate traffic, a growing university population and a proven retail corridor support long term demand in the Menomonie market.

Investment Highlights

• CORPORATE GUARANTEED ABSOLUTE NNN LEASE: The lease is guaranteed by Chipotle Mexican Grill, Inc. (NYSE: CMG), which generated $11.9 billion in revenue in 2025. Tenant pays real estate taxes directly to the taxing authority, insures the building at full replacement value, and maintains the building, roof, parking areas and shared access drive. Ownership holds a fully passive position with no landlord responsibilities.
• FEE SIMPLE OWNERSHIP OF LAND AND BUILDING: The property is offered in fee simple, conveying ownership of both the land and the improvements. In addition to the lease income, investors keep the residual real estate value at expiration and receive depreciation benefits throughout ownership.
• BRAND NEW 15 YEAR LEASE WITH CHIPOTLANE: Chipotle opens November 10, 2026 on a new fifteen year primary term running through November 2041, with four five year renewal options for up to 35 years of total occupancy. The building includes a Chipotlane digital order pickup window, the format Chipotle is prioritizing across all new development.
• SCHEDULED RENT INCREASES: Base rent increases 10% every five years. In December 2031, rent rises to $198,000 and the cap rate grows from 5.15% to 5.67% at the asking price, with no leasing cost, downtime or landlord obligation. Increases continue through all four renewal options.
• FREEWAY LOCATION AT THE I-94 INTERCHANGE: The property is positioned at Exit 41, the primary gateway into Menomonie and the main commercial stop for travelers between the Twin Cities and Eau Claire. Interstate 94 carries 36,400 vehicles per day and N. Broadway Street carries 17,700, and Tenant's exclusive pylon sign reaches both.
• TOP PERFORMING RETAIL CORRIDOR: Placer.ai foot traffic data shows the Exit 41 corridor as one of the strongest retail nodes in the region. The adjacent Kwik Trip ranks in the top 10% of all 479 Wisconsin locations. Caribou Coffee ranks first of 22 in the state, while McDonald's, Starbucks and Arby's rank in the top 15%, 20% and 25% statewide. Chipotle opens into proven, established consumer traffic.