Single Tenant Chipotle

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Chipotle, (the “Property”) in Bethlehem, a city in Northampton County, Pennsylvania. Chipotle operates under a newly established 15- year lease, with 10% rental increases every five years. The lease is backed by a corporate guaranty from Chipotle Mexican Grill, Inc. (NYSE: CMG), providing investors with long-term income security from a publicly traded, nationally recognized tenant. Strategically positioned at the signalized corner of Easton Avenue (15,800 VPD) and Rodgers Street, the property enjoys excellent visibility and accessibility, with full ingress and egress from both roadways. The site includes a “Chipotlane” drive-thru, allowing customers to conveniently pick up digital orders without leaving their vehicles. Within 3-miles of the property there are three (3) higher education institutions: Lehigh University, Moravian University, and Northampton Community College. Together, these institutions serve over 19,000 students, generating steady foot traffic and a stable consumer base. Additionally, the area is experiencing significant development activity. Within three miles, the Tower Place mixed-use project—on the former site of the Martin Tower—is underway, and set for completion this year. The development will add two medical office buildings, a hotel, and residential units, further enhancing the area's vibrancy and growth potential. The 5-mile area surrounding the property exhibits excellent demographics with a population of 161,000 and 63,000 households. The average household income is approximately $105,000 within 5 miles and $104,000 within 3 miles. The immediate trade area is home to top-performing national retailers, with several ranking among the highest within their respective brands statewide, according to Placer.ai. McDonald’s ranks in the top 88% of its chain within Pennsylvania, CVS Pharmacy ranks in the top 85% in Pennsylvania, and Taco Bell in the top 77% of its chain within Pennsylvania, underscoring the strength of the retail within the community. Chipotle is a leading fast casual restaurant chain with nearly 3,800 locations and over 130,000 employees, which together serve over 1 million customers daily. As of Q1 2025, Chipotle’s total revenue was $2.9 billion, an increase of 6.4% compared to Q1 2024. In the same period, Chipotle opened 57 new company-operated restaurants, of which 48 included a Chipotlane, and two international licensed restaurants.