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10/12/16
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In a recent retail investment buy from Orange County, a new, 2.3k sf Chipotle Mexican Grill in Santa Ana traded hands for $3.7 mil, or $1,608/sf. The property sits on a 22.6k sf pad site at 629 S. Harbor Blvd, at the northeast corner of Harbor and McFadden Ave.
The Chipotle is situated in a dense retail corridor across the street from a McDonald’s and a Walmart supercenter-anchored shopping center. The building is 100% leased to Chipotle Mexican Grill Inc on a 20-year ground lease.
Barry Blake and Steve Liu of NAI Capital represented the buyer, 99 Motel LLC, as well as the seller, Santa Ana HM Property LLC, in the transaction. This was the upleg of an exchange transaction for the buyer.
According to Liu, the buyer was able to trade up to an absolute triple net investment which had no management responsibilities at all. They now enjoy an investment with 18 years remaining on the term and the security of a corporate guaranty from a $4 bil dollar company.
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