Brand New Single Tenant Chipotle with "Chipotlane" Drive-Thru

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Chipotle, (the “Property”) in Lake Wales, a city in the Lakeland-Winter Haven MSA located in central Florida, a state with no income tax. Chipotle is under construction with an estimated opening in August 2025. The brand-new Chipotle will include a convenient drive-thru “Chipotlane.” Chipotle operates under a newly established 15-year fee simple triple-net (NNN) lease, with 10% rental increases every five years. The NNN lease structure provides a hands-off, passive ownership experience, while the lease is backed by a corporate guaranty from Chipotle Mexican Grill, Inc. (NYSE: CMG). Chipotle is strategically located along U.S. Highway 27 (42,000 VPD) in Lake Wales, offering excellent visibility to passing traffic and just 45 and 55 miles from Tampa and Orlando, respectively. The surrounding area has experienced significant expansion since 2020, with the population increasing by 56% within a 1-mile radius, 11% within 3 miles, and 10% within 5 miles. Household growth has also been substantial, rising 40% within 1 mile and 9% within both 3- and 5-miles. This upward trend is expected to continue through 2029, making it a prime location for future development. Within a three mile radius, several ongoing projects are enhancing the surrounding area. In the past year a Panera Bread and Slim Chickens have opened nearby, while a Starbucks will be right near Chipotle when they open later in the year. Additionally, Alera at Hunters Glen, a 240-unit upscale apartment community by Pillar Income Asset Management, is expected to be completed by September 2025. Chipotle is a leading fast casual restaurant chain with more than 3,700 locations and over 130,000 employees, which together serve over 1 million customers daily. As of Q4 2024, Chipotle’s total revenue was $2.8 billion, an increase of 13.1% compared to Q4 2023. In the same period, Chipotle opened 119 new company-operated restaurants, of which 95 included a Chipotlane, and one international licensed restaurant.