The Boulder Group completed the sale of a single-tenant net-leased Chipotle property at 442 S. Rand Road in Lake Zurich, Illinois, for $2,768,500.
The newly constructed Chipotle drive-thru is operating under a 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 Rand Road (45,800 VPD) & State Route 22 (18,200 VPD). The property benefits from its location less than 40 miles from downtown Chicago, the 3rd most populous MSA in the United States.
Retailers nearby include Costco, Home Depot, Target, Walmart, Office Max, LA Fitness, Regal, Jewel-Osco, Trader Joe’s, Goodwill, T.J. Maxx, Chase, Bank of America, Dollar Tree, Petco, Shell, Firestone, Casey’s, Verizon, McDonald’s, Taco Bell, Starbucks, Dunkin’, Burger King, Wendy’s, Panera, Popeyes, McAlister’s Deli, 7 Brew Coffee, and many others. The property is located less than 2 miles from Lake Zurich High School.
The surrounding area is well populated and highly affluent, with a population of 86,476 within a 5-mile radius and an average household income of $197,404 within 5 miles.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The purchaser is a local individual and the seller is a Chicago-area full-service commercial real estate company.
