November 21, 2024 – Zach Smith of Horvath & Tremblay has successfully completed the sale of a Chipotle and Blaze Pizza in Normal, Illinois. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $3,000,000.
The Property is located at 1601 East College Avenue in Normal, Illinois. The build-to-suit property was constructed in 2016 and is improved by a two-tenant building leased to Chipotle and Blaze Pizza. The Property contains 5,311 square feet on a 0.83-acre parcel of land. The building features a modern design and outdoor seating for both tenants. The Property is an outlot to the Target, Hobby Lobby and Hampton Inn anchored Shoppes at College Hills and benefits from outstanding visibility and frontage along E College Avenue. Chipotle has been at this location since 2016 and has 8+ years remaining on their lease with four, 5-year renewal options. Blaze Pizza has been at this location since 2016 and has 1+ years remaining on their lease with three, 5-year renewal options. Chipotle’s lease features attractive rent increases at the start of each renewal option. Additionally, both tenants have net leases and reimburse their pro-rata share of real estate taxes, insurance and common area maintenance costs providing an ideal, low-management investment opportunity for a passive investor. The property is adjacent to the signalized intersection of E College Avenue and S Veterans Parkway, the area’s primary commercial corridors and is surrounded by national retailers and restaurants that drive traffic to the area. Additionally, the Property is surrounded by densely populated residential neighborhoods that provide a built-in customer base.
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.