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 one of this year’s highest prices per square foot sales nationwide for a single-tenant drive-thru.
Bill Asher and Jeff Lefko, EVPs at Hanley Investment Group Real Estate Advisors represented developer Chase Partners while Jenny Eng from CBRE’s Glendale office represented the buyer – a private Los Angeles based investor.
Asher stated that multiple offers were generated within weeks after marketing commenced which led to securing an exchange buyer from Southern California; escrow closed on day Chipotle opened its doors to business customers. He further noted that closing cap rate was record low for any single tenant Chipotle sale in California during 2023 as well as one of lowest cap rates nationwide this year for such properties..
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