REPORT: Financials Behind Chipotle & Chase Bank Plaza Announced, No Third Tenant Mentioned

Below is a press release from Horvath & Tremblay, which first appeared in the New England Real Estate Journal:

WILMINGTON, MA —  Bob Horvath, Todd Tremblay and Jack Laurendeau of Horvath & Tremblay have completed the sale of a two-tenant plaza leased to Chase Bank and Chipotle. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $6,983,421.

The two-tenant plaza is located at 208 Main St. The build to suit, two-tenant plaza is improved with Chase Bank and Chipotle and contains 6,924 s/f on a 1.32-acre parcel. Chase Bank has a new 15-year lease with six, 5-year renewal options and Chipotle has a new 15-year lease with four, 5-year renewal options. Both tenants’ leases call for 10% rent increases every five years throughout the primary lease terms and at the start of each of the renewal option periods.

The property has frontage and visibility at the signalized intersection of Richmond St. and Main St., the area’s primary commercial and commuter corridor. Positioned in the town’s commercial district, the new construction property is adjacent to McDonald’s and the Rustica Memorial Arena and is close to Wilmington Plaza, which is anchored by Market Basket, TJ Maxx, and Ace Hardware.

The property is surrounded by local and national retailers and restaurants that drive traffic to the area, and is convenient to the local schools and residential neighborhoods providing a customer base.