Chipotle

Investment Overview

Brand-new, freestanding Chipotle on a 15-year corporate absolute NNN lease with zero landlord maintenance or expense responsibilities, guaranteed by Chipotle Mexican Grill, Inc., a debt-free company. Base Rent increases 10% every five years, including during four (4), 5-year renewal options. The property sits on a 0.89-acre outparcel to a top-performing Kroger Marketplace at North Heincke Road and East Central Avenue, State Route 725, linking downtown Miamisburg to Interstate 75, within a growing Dayton, Ohio, trade area anchored by employment centers including Austin Landing and Fuyao Glass America.

Investment Highlights

• Chipotle Mexican Grill of Colorado, LLC signed a 15-year lease on this new construction restaurant, backed by the corporate guaranty of Chipotle Mexican Grill, Inc. (NYSE: CMG)
• Absolute NNN lease structure provides zero landlord maintenance or expense responsibilities
• Base Rent increases 10% every 5 years through the primary term, including during each of the four (4), 5-year renewal options
• Chipotle Mexican Grill, Inc. operates with a debt-free balance sheet and generated $11.9 billion in revenue in 2025
• The property sits on a 0.89-acre outparcel to a top-performing Kroger Marketplace (NAP), a 123,722-square-foot store with an on-site fuel center, pharmacy, and Starbucks
• At the signalized intersection of North Heincke Road and East Central Avenue, State Route 725, a corridor linking downtown Miamisburg to Interstate 75
• Strong Demos: 101,210 residents, with average household incomes of $108,375 (5-mile radius)
• The regional economy includes Austin Landing, 76-acre mixed-use site boasts over 400K square feet of Class A office, a 12-screen theater, retail, two hotels, and over 270 multifamily units; and Fuyao Glass America’s 1 million-plus-square-foot auto glass plant in neighboring Moraine, among the largest of its kind in the world
• Ohio ranked first nationally in a 2026 state business-climate ranking, up from seventh in 2024 and fifth in 2025
• Ohio holds the highest number of Chipotle locations per capita among U.S. states (roughly one store per 45,000 residents) per xMap data