chipotle SINGLE-TENANT INVESTMENT OPPORTUNITY
Quick Facts
Address: 706 Fletcher Pkwy, El Cajon (San Diego County), CA
Lot: .62 acres
Building: 3,445 square feet
Investment Summary
Walseth Investment Company is pleased to present the opportunity to acquire the fee simple interest (land
and building ownership) in a .62 acre parcel with an approximately 3,445 square foot building leased to
Chipotle (NYSE: CMG) in El Cajon, CA across from the ±455,781 SF Parkway Plaza Mall.
The tenant, Chipotle, just signed a new 15-year lease which will commence in 2024. They have four (4) 5-year options to extend. The lease features 10% rent increases every 5 years through the option periods, hedging against inflation. The lease is NN with minimal landlord responsibilities. Net leases are low-maintenance and are ideal for out-of-state or passive investors. The property will be completely renovated in 2024 and will include a “Chipotlane” drive-through for optimal customer access.
The property is located on the signalized-hard corner intersection of N Johnson Ave and Fletcher Pkwy. The site is equipped with a pylon sign and has excellent visibility across both cross streets. The property is adjacent to KFC, Dollar Tree, McDonald’s, and more. Additionally, the property is across the street from the ±455,781 SF Parkway Plaza Mall, anchored by Dick’s Sporting Goods, Ashley HomeStore, Bob’s Discount Furniture, Walmart, Regal Cinemas, and JCPenney. The development of an outparcel to the mall on the corner of Fletcher Pkwy and N Johnson Ave is under review. This Chipotle is located only ±.6 miles from the interchange of I-8 and Route 67 (±199,500 VPD). I-8 is a major thoroughfare connecting El Cajon to coastal San Diego.
Nearby national, credit, and large chain tenants include Panera Bread, Marshalls, PetSmart, Chase Bank, Burger King, KFC, Dollar Tree, McDonald’s, Little Caesar’s Pizza, Carl’s Jr, CVS, Bank of America, US Bank, Citi Bank, Dunkin’ Donuts, Home Depot, Jerome’s Furniture, Vans, Ulta Beauty, and more.
The property is ±20 minutes (±12.96 miles) from the San Diego International airport, ±8 minutes (±6.15 miles) from San Diego State University (±31,724 students), ±6 minutes (±2.07 miles) from Grossmont College (±11,455 students), and ±5 minutes (±.59 miles ) from Gillespie Field. Gillespie Field, the oldest county airport in San Diego County, and two airport industrial parks generate an estimated $403 million in direct economic impact and support ±3,164 jobs in the city of El Cajon. These activities generate an estimated $919 million in direct, indirect and induced economic impacts and support ±6,250 jobs throughout San Diego County.
The 3-mile trade area is supported by a population of ±166,285 residents with an annual household income of ±$90,717. There are ±73,849 employees in the 3-mile trade area.
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