Part of the CBRE affiliate network

CHIPOTLE GROUND LEASE 9504 STRICKLAND ROAD, RALEIGH, NC 27615

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file photo not actual location

Exclusively Marketed By:

Joe Graham, CCIM

Senior Vice President

919.831.8196

joe.graham@cbre.com

www.cbre.com/joe.graham

CBRE|Raleigh

4208 Six Forks Road

Suite 1220

Raleigh, NC 27609

www.cbre.com/raleigh

Part of the CBRE affiliate network

Strickland Road

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INVESTMENT SUMMARY

Offering Price $2,084,210

Cap Rate 4.75%

NOI $99,000

Bldg. sq. ft. 2,243 sq. ft.

Land Area 39,640 sq. ft.

Lease Commencement Expected July 2014

Years 1-5 $99,000

Years 6 - 10 $108,000

OPTION LEASE SCHEDULE

LEASE SCHEDULE

Years 11 - 15 $119,790

Years 16 - 20 $131,769Years 21 - 25 $144,945.90Years 26 - 30 $159,440.49

PROPERTY DETAILS

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Part of the CBRE affiliate network

Address 9504 Strickland Rd Raleigh, NC 27615

SURROUNDING RETAIL

SURROUNDING RETAIL

SURROUNDING RETAIL

Part of the CBRE affiliate network

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TENANT SUMMARY

When Chipotle (pronounced chi-POAT-lay) opened its first store in 1993, the idea was

simple: demonstrate that food served fast didn’t have to be a “fast-food” experience.

Chipotle uses high-quality raw ingredients, classic cooking methods and distinctive interior

design--features that are more frequently found in the world of fine dining. When the com-

pany was founded in 1993, there wasn’t an industry category to describe their philosophy.

Some 20 years and more than 1,600 restaurants later, Chipotle competes in a category

of dining now called “fast-casual,” the fastest growing segment of the restaurant industry,

where customers expect food quality that’s more in line with full-service

restaurants, coupled with the speed and convenience of fast food.

CHIPOTLE BY THE NUMBERS

TSales for the Year Ended 12/31/2013 $3.2 billionNumber of Stores 1,595Number of Employees 45,340Company Website www.chipotle.com

CHIPOLTE CMG (COMMON STOCK)

Exchange NYSE (US Dollar)Price $541.58Change (%) 1.04 (0.19)% Volume 129,299

Data as of 04/16/14

TR ADE AREA DEMOGR APHICS - 2014

1 mile radius 3 mile radius 5 mile radius 7 mile radius

6,104 60,164 159,806 268,2316,348 62,658 169,883 287,8145,915 58,210 151,167 250,9745,542 55,639 125,384 195,056

3.19% 3.36% 5.72% 6.88%4.00% 4.15% 6.31% 7.30%2,629 26,556 69,707 112,942

118 1,663 4,529 8,552121 1,749 4,962 8,341197 2,611 7,172 11,980370 3,661 9,013 15,682392 5,034 13,076 20,223287 2,937 8,006 13,421486 4,259 11,505 18,001283 2,421 5,966 8,518115 812 2,011 2,866198 1,133 2,757 4,15962 275 711 1,199

$116,838 $93,910 $92,174 $88,737$128,428 $102,689 $101,255 $97,193$105,392 $86,040 $81,012 $78,693

2.31 2.25 2.29 2.37$84,354 $66,839 $66,658 $63,651$93,585 $71,937 $72,052 $68,902$74,983 $66,228 $64,470 $60,488

2014 Est. Median Household Income2019 Prj. Median Household Income2000 Cen. Median Household Income

- Income $250,000 - $499,999- Income $500,000 and over2014 Est. Average Household Income2019 Prj. Average Household Income2000 Cen. Avg. Household Income2014 Est. Average Household Size

- Income $35,000 to $49,999- Income $50,000 to $74,999- Income $75,000 to $99,999- Income $100,000 to $149,999- Income $150,000 to $199,999- Income $200,000 - $249,999

Growth 2010-2014Growth 2014-20192014 Estimated Households- Income Less than $15,000- Income $15,000 to $24,999- Income $25,000 to $34,999

2014 Estimated Population2019 Projected Population2010 Census Population2000 Census Population

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