New San Joaquin Valley Chipotle with Chipotlane fetches nearly $3.2 million
LATHROP, Calif. — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of a brand-new, single-tenant net lease Chipotle Mexican Grill in Lathrop (San Joaquin County), California. The sale price was $3,185,000, representing a price per square foot of $1,371, and a cap rate of 4.05%, a record-low cap rate for a new Chipotle drive-thru in the U.S.
LEADING THE RCNS/SCNS STATE HEADLINES:
Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller, Chase Partners, based in Glendale, California. The buyer, a private investor, based in Orange County, California, was represented by Kurt Bruggeman, a partner with Lee & Associates in Irvine, California.
“The brand-new construction, double-drive-thru Chipotlane format is the company’s latest prototype designed to more effectively accommodate today’s quick-service customer demand,” said Asher. “Customers are able to place their order through the Chipotle mobile app or via the website, then pick it up in the Chipotlane, all without ever having to leave their car.”
“The … double-drive-thru Chipotlane format is the company’s latest prototype designed to more effectively accommodate today’s quick-service customer demand,” Hanley Investment Group’s Executive Vice President Bill Asher said of the new design; which will be used in 60% of all new Chipotle restaurants.
Asher noted that Chipotle reported Q3 2020 digital sales tripled year-over-year and accounted for nearly half of all sales — digital sales grew 202.5% and accounted for 48.8% of sales for the quarter. Comparable restaurant sales increased 8.3%, while revenue increased 14.1% to $1.6 billion.
According to the company, Chipotlanes are expected to be included in more than 60% of new Chipotle restaurants.
Built in 2020, the new 2,323-square-foot Chipotle building is located at 16542 Golden Valley Parkway in Lathrop, near the intersection of River Islands Parkway and Golden Valley Parkway, and the Interstate 5 freeway, approximately 11 miles south of Stockton. The Chipotle building is situated within a Target anchored shopping center and immediately adjacent to In-N-Out Burger and Starbucks. Both have drive-thrus.
As of September 30, 2020, Chipotle had over 2,700 restaurants in the United States, Canada, the United Kingdom, France and Germany and is the only restaurant company of its size that owns and operates all its restaurants.
On November 24, 2020, Chipotle opened its first-ever Chipotle digital-only restaurant called Chipotle Digital Kitchen located outside the gates to the military academy in Highland Falls, New York. It is unique because it does not include a dining room or front service line and guests must order in advance via Chipotle.com.
“New Chipotle Mexican Grill restaurants with a Chipotlane drive-thru are one of the more sought-after quick-service restaurant investments nationwide right now,” continues Asher. “In late July, the chain announced its 100th Chipotlane, which is significant because the drive-thrus have proven to contribute to higher check averages than traditional units.”
SEE OTHER RECENT RCNS/SCNS BUSINESS HEADLINE NEWS:
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a boutique real estate brokerage and advisory services company with a $6+ billion transaction track record that specializes in the sale of retail properties nationwide.
Their expertise, proven track record, and unwavering dedication to putting clients’ needs first, sets us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge.
Their nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Submitted by Monaghan Communications Inc.
This article sponsored by:
For more information, contact Bill Tyler at Century 21 Full Realty Service.
Recently recognized by Enjoy magazine for one of the North State’s top ten best burgers, Chatty Kathy’s serves mouth watering burgers, talk-of-the-town sandwiches, delicious milk shakes and a variety of ice creams. Located just east of Burney in Johnson Park, Chatty Kathy’s is run by local resident Kathy Ragsdale, who says, “We’ve been in the food business for 20 years and have met a lot of great people who have touched our hearts. We serve our meals with special pride; making sure all our customers are happy and full and get what they ordered.”
With breaking news articles, videos, podcasts, opinion pieces and more, Law Enforcement News Network has all the latest news and information related to law enforcement issues across the nation.
Contact the writer: firstname.lastname@example.org
Trevor Montgomery, 49, moved in 2017 to the Intermountain area of Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes or has written for several other news organizations; including Riverside County based newspapers, Valley News, (the now defunct) Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; as well as Bonsall/Fallbrook Village News in San Diego County and Mountain Echo in Shasta County.
Trevor spent 10 years in the U.S. Army as an Orthopedic Specialist before joining the Riverside County Sheriff’s Department in 1998. He was medically retired after losing his leg, breaking his back, and suffering both spinal cord and brain injuries in an off-duty accident. (Click here to see segment of Discovery Channel documentary of Trevor’s accident.)
During his time with the sheriff’s department, Trevor worked at several different stations; including Robert Presley Detention Center, Southwest Station in Temecula, Hemet/Valle Vista Station, Ben Clark Public Safety Training Center, and Lake Elsinore Station; along with other locations.
Trevor’s assignments included Corrections, Patrol, DUI Enforcement, Boat and Personal Water-Craft based Lake Patrol, Off-Road Vehicle Enforcement, Problem Oriented Policing Team, and Personnel/Background Investigations. He finished his career while working as a Sex Crimes and Child Abuse Investigator and was a court-designated expert in child abuse and child sex-related crimes.
Trevor has been married for more than 30 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and his “fluid family” includes 13 children and 18 grandchildren.