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4/26/16
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A freestanding, 2.2k sf single-tenant property occupied by Chipotle Mexican Grill in the Bay Area city of Vallejo sold for $1.9 mil, or $848/sf. The property sold at cap rate of 4.2 percent – a record low for a freestanding Chipotle with less than 10 years remaining on its lease on a national basis.
Built in 2015 and located at 1195 Admiral Callaghan Lane, the property is situated on .45 acres. The property is part of a new retail development that includes Chick-fil-A and CVS Drug Store, and is at a busy intersection of Admiral Callaghan Lane and Columbus Parkway, which sees more than 51,000 vehicles each day.
Christopher DePierro and Jeff Conover of Faris Lee Investments represented the seller, River Rock LLC, a private East Coast-based development company. The buyer was Northern California-based Kam Property Holding LLC, who paid all-cash as part of a 1031 exchange.
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