The Boulder Group closes sale of Chipotle property in Lansing

The Boulder Group closes sale of Chipotle property in Lansing

The Boulder Group completed the sale of a single tenant net leased Chipotle property at 2302 Thornton Lansing Road in Lansing, Illinois, for $2.45 million. The 2,465 square-foot building was constructed in 2024 specifically for Chipotle and is situated in the south suburban portion of the Chicago metropolitan area. Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a private family located in the Midwest. The buyer was a family trust based in California that acquired the net leased Chipotle property as a long-term passive investment. The lease at the Chipotle property in Lansing, Illinois is structured as an absolute triple net lease, requiring zero landlord responsibilities. The lease expires on May 31, 2039, leaving approximately 13 years of remaining term. The lease commenced on May 14, 2024. Rental escalations of 10% occur every five years throughout the primary lease term, providing built-in income growth. The tenant has four 5-year renewal options, extending the potential lease term through 2059. As an absolute NNN lease, the property owner has no responsibility for taxes, insurance, maintenance, or capital expenditures.