Chipotle

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newly constructed chipotle mexican grill12011 Meridian Avenue East, Puyallup, WA 98373

ZAndy sMithzsmith@capitalpacific.com | (415) 274-2707 CA BRE# 01734525

Chris kOstAnECkick@capitalpacific.com | (415) 274-2701 CA BRE# 01002010

ZEb riPPlEzripple@capitalpacific.com | (415) 274-2702 CA BRE# 01002010

sEAn tuftsstufts@capitalpacific.com | (206) 743-8468 WA BRE# 74057

representative photo

Washington Disclosure Pamphlet

Investment Highlightsbrand new freestandIng cHIpotle propertY wItH a rare

15-Year lease In tHe tax-free state of wasHIngton

The subject property is located in Puyallup, WA, which has a population of approximately 37,000. The site is located on Meridian Avenue, just off of State Route 512, which connects to the main north-south artery US-Hwy 5. Puyallup is located just 12 miles from downtown Tacoma, 37 miles from Seattle, WA and 20 miles

from the Seattle-Tacoma International Airport.

rEntAblE sf . . . . 2,137 SF

PriCE PEr sf . . . . $943.20

lAnd ArEA . . . . . . 0.516 Acres

prIce: $2,015,619cap: 5.00%

nAtiOnAl tEnAnt

Chipotle (NYSE: CMG) has over 1,720 restaurants in 43 states and 4 different countries

During the first nine months of 2014, Chipotle revenue was $3.04 billion (up 28.2% from prior year) and during the same period they opened 132 new restaurants

dEnsE rEtAil And rEsidEntiAl ArEA

Subject property has excellent visibility and ingress/egress from Meridian Avenue, which is a major retail arterial featuring numerous national retail tenants

Within a ½ mile of the Chipotle is the approximately 1 million square foot South Hill Shopping Mall, which is anchored by Target, Dick’s Sporting Goods, JC Penney, Sears, Regal Cinemas, and Macy’s

Strong demographics - 155,320 residents within a 5-mile radius with average household incomes of $80,298

Traffic counts on Meridian Avenue East exceed 46,700 vehicles per day

lEAsE infOrMAtiOnRare 15-year primary lease term with 10% rental increases every five years in the primary term and four 5-year options

Landlord is responsible for the roof and structure

Store opened for business and rent commenced 2/15/2015

representative photo

lEAsE tyPE . . . . . . NN

yEAr built . . . . . . 2015

CHIPoTLE | 2

aerial

PriME rEtAil lOCAtiOn

This location benefits from nearby residential density: more than 57,400 households within a 5 mile radius and proximity to the South Hill Mall, Meridian Town Center, Meridian Place, and the Tacoma-bound State Route 512.

high trAffiC ArEA

Meridian Avenue East (Rte 161) has a wealth of dining options and is a heavily trafficked north-south arterial: traffic counts exceed 46,700 vehicles per day.

512

512

161161

94th Avenue E

120t

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39th

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31st

Ave

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sW

128t

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8th

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s Meridian Avenue Es Meridian

7th street sE

39th

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ferrucci Jr . high school

Wildwood Park

Elementary

firgrove Elementary

Edward Zeiger

Elementary

ballou Jr . high school

MEridiAn PlACE

®

MEridiAn tOWn CEntEr

WillOWs

Tacoma512

sOuth hill MAll

46,700 DaILY

CHIPoTLE | 3

site & surrounding retail

DENSE RETAIL AREA INCLUDING kFC,

WALGREENS, JIMMY JoHN’S, McDoNALD’S, TACo BELL, AND MoRE

ConstruCtion site as of 1/6/2015

Jimmy Joh`ns Chipotle

CHIPoTLE | 4

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Income & expense

PRICE $2,015,619

Capitalization Rate: 5.00%

Price Per Square Foot: $943.20

Total Rentable Area (SF): 2,137

Lot Size (Acres): 0.516

STABILIZED INCOME Per Square Foot

Scheduled Rent $47.36 $101,208.36

Effective Gross Income $47.36 $101,208.36

LESS Per Square Foot

Taxes $0.00

Insurance $0.00

Roof & Structure ($0.20) ($427.40)

Total operating Expenses ($427.40)

EQUALS NET OPERATING INCOME $100,780.96

north view from property

south view from property

Chipotle

Chipotle

CHIPoTLE | 5

tEnAnt infO lEAsE tErMs rEnt suMMAry

Tenant Name Sq. Ft. Term Current Rent

Monthly Rent

Yearly Rent

Monthly Rent/ FT

Yearly Rent/ FT

Chipotle 2,137 2/15/15 2/14/20 $101,208.36 $8,434.03 $101,208.36 $3.95 $47.36

2/15/20 2/14/25 $9,278.14 $111,337.68 $4.34 $52.10

2/15/25 2/14/30 $10,205.96 $122,471.52 $4.78 $57.31

2/15/30 2/14/35 option 1 $11,226.37 $134,716.44 $5.25 $63.04

2/15/35 2/14/40 option 2 $12,348.29 $148,179.48 $5.78 $69.34

2/15/40 2/14/45 option 3 $13,582.42 $162,989.04 $6.36 $76.27

2/15/45 2/14/50 option 4 $14,941.39 $179,296.68 $6.99 $83.90

Totals: 2,137 $101,208.36 $8,434.03 $101,208.36 $3.95 $47.36

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

rent roll

south hill mall

CHIPoTLE | 6

ABoUT CHIPoTLE

Chipotle Mexican Grill, Inc., founded by Steve Ells in 1993, is a global chain of “fast-casual” restaurants. It is best known for its large burritos, assembly line production, and use of the very best sustainably raised food. Chipotle was ranked #20 on Forbes list of the World’s Most Innovative Companies in 2014.

The company has over 1,724 locations, with restaurants in 43 states, the District of Columbia, Canada, England, Germany and France. Chipotle restaurants are company-owned rather than franchised, and they have over 45,340 employees.

Chipotle went public on the New York Stock Exchange in 2006, and the stock rose exactly 100% on the first day, resulting in the best U.S.-based IPo in six years, and the second-best IPo for a restaurant after Boston Market. Revenue for the first nine months of 2014 was $3.04 billion, up 28.2% from the prior year period. Additionally, the net income for 2013 was $327.4 million, an increase of 17.7% over the previous year.

nysE cMgnuMbEr Of EMPlOyEEs 45,3402013 rEVEnuE $3.21 bIllIonnuMbEr Of lOCAtiOns 1,720+

chipotle

CHIPoTLE RANkED #20

oN FoRBES LIST oF THE

WoRLD’S MoST INNovATIvE

CoMPANIES IN 2014

CHIPoTLE | 7

48 Minutes38 Miles

regional MapPuyallupLocation

chIpoTLe

TRAFFIC CoUNTS IN ExCESS oF

46,700 vPD oN MERIDIAN AvE

EAST

puyallup

tacoma

seattle

olympia 34 Minutes32 Miles

21 Minutes14 Miles

512

161

Mer

idia

n Av

e E

46,7

00 D

aIL

Y

CHIPoTLE | 8

site plan

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idia

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enue

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Nap

Nap

CHIPoTLE | 9

PuyAlluP, WA OVErViEWA one-time center of agriculture, Puyallup has grown and matured into a city with a rich historic downtown, a bustling shopping district and a growing employment base.

Puyallup’s location is central to the four-county Puget Sound region and provides easy proximity to greater Puget Sound and its international ports. The City serves as a “market crossroads” in east Pierce County connected to the major state freeways serving Central Puget Sound.

Puyallup’s location on the main west coast rail routes provides easy access for the “Sounder” regional commuter rail service, making the City the top boarding location for connections to the Tacoma, Seattle and Everett markets.

With a population of 37,022 people, Puyallup continues to attract businesses because of relatively inexpensive land and construction costs, quality and stability of workforce, and competitive utility rates. The Puyallup Fair has been rated third best summer fair by Livability.com and attracts over 1.3 million visitors each year.

location & demos

2013 househoLD INcomes

1-Mile 3-Mile 5-Mile

2010 10,523 74,574 149,7272014 11,013 76,936 155,3202019 11,620 80,388 162,852

1-Mile 3-Mile 5-Mile

Average $60,305 $80,726 $80,298Median $49,550 $66,746 $66,179

popuLaTIoN

Employer # of Employees*Joint Base Lewis-McChord 66,054Local Public Schools 13,408Multicare Health System 6,904State of Washington 6,455*Approximate

Top empLoYers IN pIerce couNTY

CHIPoTLE | 10

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ZAndy sMithzsmith@capitalpacific.com | (415) 274-2707 CA BRE# 01734525

Chris kOstAnECkick@capitalpacific.com | (415) 274-2701 CA BRE# 01002010

ZEb riPPlEzripple@capitalpacific.com | (415) 274-2702 CA BRE# 01002010

Copyright © 2015 [Capital Pacific Real Estate Brokerage Company]

representative photo

sEAn tuftsstufts@capitalpacific.com | (206) 743-8468 WA BRE# 74057