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| A new, two-tenant Chipotle Mexican Grill with “Chipotlane” drive-thru and Heartland Dental in the Minnesota Twin Cities metro area |
FOREST LAKE, MN - Hanley Investment Group Real Estate Advisors, a
nationally recognized real estate brokerage and advisory firm specializing in
retail property sales, the firm arranged the sale of a new, two-tenant Chipotle
Mexican Grill with “Chipotlane” drive-thru and Heartland Dental in the Twin
Cities metro area, adjacent to Walmart Supercenter, ALDI and Target-anchored
shopping centers, which pull from a trade area of over 90,000 people. The sale
price was $3,425,000.
Despite the challenges of the COVID-19 pandemic, this transaction
represents Hanley Investment Group’s fifth Twin Cities retail transaction this
year.
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| Jeff Lefko |
Hanley Investment Group Executive Vice
Presidents Jeff Lefko and Bill Asher represented the seller,
Glenborough LLC, a California-based private real estate investment management
company.
The buyer was a private investor from Duluth, Minnesota,
represented by Deborah Vannelli of Upland Real Estate Group in
Minneapolis, Minnesota.
Located in a suburb 27 miles northeast of St. Paul, at 107 12th Street SW in Forest Lake, Minnesota, the 6,812 square-foot building sits on a 1.05-acre pad adjacent to the signalized intersection of Broadway Avenue and 12th Street, with 40,000 cars per day at the intersection.
Located in a suburb 27 miles northeast of St. Paul, at 107 12th Street SW in Forest Lake, Minnesota, the 6,812 square-foot building sits on a 1.05-acre pad adjacent to the signalized intersection of Broadway Avenue and 12th Street, with 40,000 cars per day at the intersection.
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| Bill Asher |
The property is located next to Interstate-35 freeway, a primary
north/south freeway that connects Forest Lake to St. Paul and Minneapolis to
the south.
“Chipotle is one of the most sought-after quick-service restaurant
investments nationwide right now,” said Lefko. “Chipotle has been focused on
enhancing its online business by installing Chipotlanes (drive-thrus) that
allow for quick digital order pickup.
"The chain recently announced plans to open its 100th
Chipotlane, which is significant because the drive-thrus have proven to
contribute to higher check averages than traditional units.”
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| Deborah Vannelli |
Lefko added, “We generated six offers in the
first week of listing the property for sale, even with commencing all formal
marketing in the initial months of the COVID-19 pandemic.”
According
to Lefko, the property benefits from a highly successful regional trade area
but also from the established, affluent population that lives in Forest Lake
and commutes to Minneapolis for work; average household incomes are in
excess of $101,000 within a five-mile radius and the number of households
has increased by over 40% over the past 20 years.
Contact:
Contact:
Anne Monaghan
anne@monaghanpr.com
