March 18, 2019 – Robert DiFranco and Brian Ahrens of Horvath & Tremblay have successfully completed the sale of a ground lease to Chipotle in Coral Springs, Florida. Horvath & Tremblay represented the 1031 exchange buyer in the transaction that closed at a sale price of $2,148,598, a 5.35% cap rate.
Chipotle fully occupies the 2,583-square foot building located along N. University Drive. Chipotle has been successfully operating at this location since 2006 and recently extended an early 10-year lease extension providing just under 13 years of committed lease term. Chipotle’s benefits from its positioning along the primary retail corridor in this densely populated, family-oriented trade area. The Property is strategically located one mile north of Coral Square Regional Mall and is exceptionally well positioned in the midst of an intense concentration of retail and restaurant activity, surrounded by national retailers and restaurants including Whole Foods, Home Depot, Publix, TJ Maxx, Sam’s Wholesale Club, Best Buy, Total Wine & More, Chili’s, Bonefish Grill, Chick-fil-A, and Benihana, to name just a few.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.