Northmarq’s Chicago office facilitates sale of Chipotle with a 4.49% cap rate in Jacksonville MSA
CHICAGO (Feb. 26, 2024) — Mackenzie Wolfgram, associate vice president, and Brandon Duff, senior vice president/managing director in Northmarq’s Chicago office have completed the $3,925,000 sale of a Chipotle located at 876 Blanding Blvd in Orange Park, Florida, with a 4.49% cap rate. The 2,431 sq. ft. build-to-suit retail property was built in 2023. Northmarq represented the seller in the transaction with an East Coast-based 1031 exchange investor.
“This asset is one of only a small number of properties to have traded below a 4.5% cap in recent months,” said Wolfgram. “The pricing achieved is reflective of the strength of the Jacksonville market, Chipotle’s highly sought-after credit and the still-active segment of 1031 buyers seeking generational quality assets – a segment we specialize in engaging via our broad marketing process.”
The brand-new property, located just 14 miles from downtown Jacksonville, incorporates Chipotle’s latest prototype with an interior dine-in and drive-thru concept. Jacksonville is the No. 1 largest city and No. 1 fastest-growing metro area in the Southeast. The property is surrounded by several national retailers, including Walmart, CVS, Publix, AutoZone, Marshalls, Aldi, Dollar Tree and many more. There are 28 parking spaces on the property site, with generous exposure to major thoroughfare systems.
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