The Boulder Group, completed the sale of a single-tenant net-leased Chipotle property at 1399 W. Lincoln Highway in Chicago Heights, Illinois, for more than $2.7 million.
The newly constructed Chipotle drive-thru is operating under a new 15-year lease term with 10% rental escalations every 5 years and four 5-year renewal options.
The property is strategically positioned at the signalized intersection of Western Avenue and Lincoln Highway (34,800 VPD), less than four miles from Interstate 57 (85,900 VPD). Retailers nearby include Walmart, ALDI, Food4Less, O’Reilly Auto Parts, Oak Street Health, Fifth Third Bank, McDonald’s, Wendy’s, and Smoothie King. The population exceeds 169,000 within a 5-mile radius with an average household income of approximately $90,000.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer is a 1031 exchange investor based in California and the seller is a Midwest-based commercial real estate company.
