Chipotle

Investment Overview

Newmark is pleased to offer the Chipotle pad at 47th Street Pavilion, a 2,375 square foot drive-thru restaurant with tenant patio in Palmdale, California. The Property is leased to Chipotle Mexican Grill, Inc., corporately guaranteed absolute NNN lease with 10% increases every five years and three five-year options.

Investment Highlights

• Corporate Lease. Chipotle Mexican Grill, Inc., (NYSE CMG), a +$38 billion dollar market cap company with TTM revenues exceeding $12.4 billion, guarantees the lease.
• Stable Income Growth | Below Market Rent. Fixed 10% increases every five (5) years provides stability and growth to investors.
• Newer Construction | Freestanding Drive Thru Pad. Chipotle opened in 2022 in a new construction, drive thru pad. Improvements owned by landlord, providing potential depreciation benefits.
• Absolute NNN Lease. The tenant pays its pro rata share of common area costs, insurance and taxes, plus a 10% administrative fee on CAM. No noted landlord obligations, hands off management.
• Premier Power Center Pad. The pad sits in 47th Street Pavilion, the areas premier power center destination, which drew 6.5 million visits in 2025. Anchor tenants include the areas only Super Target, high volume Home Depot, Ross, dd’s, PetSmart, and Starbucks.
• Synergistic & High Volume Restaurants. Primary fast casual destination with synergistic QSR tenants including Starbucks, El Pollo Loco, Burger King, Yoshinoya, Handels Ice Cream, Dave’s Hot Chicken, and IHOP.