August 18, 2021 – Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay have successfully completed the sale of the Chipotle Plaza in Norwich, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,550,000.
The Chipotle Plaza is located at 30 Salem Turnpike (CT Route 82) in Norwich, Connecticut. The Property includes a 6,466 square foot building on a 0.891-acre corner lot. The new construction plaza is anchored by Chipotle who has a 15-year lease, and is also occupied by Supercuts, T-Mobile, and You Break I Fix, each of whom have 10-year leases. Chipotle’s lease features a corporate guarantee and all of the leases have scheduled rent increases throughout their base terms and at the start of each of their option periods. The Chipotle Plaza is situated along Salem Turnpike (CT Route 82) approximately 600 feet from the signalized intersection with New London Turnpike. Salem Turnpike (CT Route 82) is the area’s primary East-West thoroughfare and the area’s dominant commercial corridor. The property is ½-mile from Interstate 395 and Three Rivers Community College and is approximately 1.5-miles from downtown Norwich and Mohegan Sun Casino. The location is part of an exceptional trade area centered around the Interstate 395 corridor. The property, which enjoys outstanding frontage and visibility along Salem Turnpike, is surrounded by national retailers like Walmart, Big Y, Shop Rite, TJ Maxx and numerous restaurants.
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.