June 30, 2023 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the Chipotle Plaza in Danbury, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,271,400.
Chipotle Plaza is located at 81 Newtown Road in Danbury, Connecticut. The build-to-suit, two-tenant plaza is improved with Chipotle and Vape Point and contains 4,244 square feet on a 1.37-acre parcel. The Property was completed in 2021, Chipotle benefits from a modern design with outdoor seating and a Chipotlane (drive-thru) and has 13+ years remaining on their lease with three (3), 5-Year renewal options. Their lease features attractive 10% rent increases every 5 years throughout the base term and at the start of each option period. Vape Point has 9+ years remaining on their lease and features attractive 2.5% annual increases throughout the base term. The Property is well located along Newtown Road which sees more than 32,400 vehicles per day and benefits from outstanding visibility and frontage. The location is part of a dominant trade area centered around the junction of Newtown Road, US Route 6, and Interstate 84, with numerous businesses, national retailers and restaurants, and proximity to Interstate 84, the Danbury Hospital and Western Connecticut State University, all of which draw significant traffic to the area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the 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.