California + Bay Area + Retail | August 15, 2023

Hanley Arranges Sale of Newly Built Chipotle at Record-Low Cap Rate

Hanley Investment Group Real Estate Advisors completed the sale of a new construction single-tenant Chipotle Mexican Grill property in the Quad District of Sacramento’s North Natomas area. The sale price for the new Chipotle property was $4.95 million, representing the highest price per square foot sale of a single-tenant Chipotle drive-thru nationwide this year.

EVPs Bill Asher and Jeff Lefko at Hanley represented developer Chase Partners. The buyer, a private Los Angeles-based investor, was represented by Jenny Eng from CBRE’s Glendale office.

Asher said, “We generated multiple offers within the initial weeks of marketing, leading us to secure a 1031 exchange buyer based in Southern California. We procured the buyer while the building was under construction and closed escrow the day Chipotle opened for business.”

He noted the closing cap rate was a record low for a single-tenant Chipotle sale in California in 2023, and one of the year’s lowest cap rate sales for a single-tenant Chipotle nationwide.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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