September 15, 2021 – Kyle Danielson, Todd Tremblay and Bob Horvath of Horvath & Tremblay have successfully completed the sale of Chipotle in Salem, Virginia. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,380,000.
The Chipotle is located at 1122 W Main Street in Salem, Virginia. The new construction Chipotle consists of a 2,847 square foot building with a Chipotlane (drive thru). Chipotle signed a new 15-year lease with four (4), five-year renewal options and rent increases of 10% every five years throughout the base term and option periods. The property is extremely well located at the signalized intersection of W Main Street (US Highway 460) and Goodwin Avenue. The location is part of a dominant trade area centered around the junction of US Highway 460 & Interstate 81, with numerous businesses, national tenants and industrial centers drawing significant traffic to the area. The Property is 1-mile from Roanoke College, an independent 4-year college set on an 80-acre campus with a student body of more than 2,000 students. The Salem Civic Center and Salem Memorial Ballpark (home to the minor league Salem Red Sox) are 2-miles away. The Property is also just 10 minutes from downtown Roanoke which has a metro area population of more than 300,000 and is consistently ranked as one of the most “livable” cities in America.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.