Chipotle Lacey

Property Overview

4010 Pacific Ave SE in Lacey, WA is a 2,325 SF single-tenant retail building constructed in 2022 and occupied by Chipotle Mexican Grill under a triple net lease. The property sold for $2,629,000, or $1,131 per square foot.

Challenge

Our team was engaged to represent the buyer in the acquisition of a newly constructed, single-tenant Chipotle from the original developer. Because the building was new construction, the transaction required more than a straightforward purchase. Outstanding punch list items needed to be resolved to Chipotle's satisfaction before the property could be properly turned over, and the site configuration required negotiation prior to closing.

Action

We worked directly with the developer to identify and address the remaining punch list items required by Chipotle as part of the tenant's acceptance of the space. In parallel, we negotiated the site configuration details to ensure the property would be delivered in a condition that met both the tenant's requirements and the buyer's expectations. Our team coordinated the moving parts between the developer, the tenant, and the buyer to keep the transaction on track through to closing.

Result

• Secured the acquisition of a brand-new, 2,325 SF single-tenant Chipotle for the buyer at $2,629,000 ($1,131/SF)
• Successfully negotiated resolution of all punch list items required for Chipotle's formal acceptance of the space
• Negotiated site configuration terms with the developer prior to turnover
• Delivered the property to the buyer under a triple net lease structure, providing passive, low-management income from a national tenant