4611 FORBES AVENUEPITTSBURGH, PA 15213

BRAND NEW 10 YEAR LEASE

IN THE HEART OF PITTSBURGH’S

EDUCATIONAL HUB

$2,850,0004.5% CAP

OFFERING SUMMARY4611 FORBES AVENew construction urban freestanding Chipotle retail building featuring a brand new 10 year lease is located in the heart of Pittsburgh’s educational and medical hub - Oakland. Situated along Forbes Avenue, directly adjacent to Carnegie Mellon University and the Carnegie Museum of Natural History.

Price $2,850,000

Cap Rate 4.5%

Property TypeNew construction 2 story retail building

Property UseFreestanding Quick Casual Restaurant

Lease TypeNNN: Chipotle 10 year initial lease term

Building Size 2,382 SF

NOI Commencing 2.1.2017

$128,250

CONTACTZ.Scott Smithzsmith@HannaLWE.com

Michael Liguorimliguori@HannaLWE.com

Kevin D. Langholzklangholz@HannaLWE.com

412.261.2200

LOCATION OVERVIEWHIGH PROFILE TROPHY LOCATIONThe subject property sits directly on Forbes Avenue, immediately adjacent to the CMU campus and Central Catholic High School. The Carnegie Museum is opposite the site amongst of Pittsburgh’s educational and cultural center.

The subject property sits uniquely at the convergence of the CMU and University of Pittsburgh campuses adjacent

to South Craig Street in, perhaps, the city’s most active urban neighborhood. This dynamic campus driven area showcases numerous cultural and educational activities, boutiques, shops and galleries that mingle with national retailers in a neighborhood of tree-lined streets, historic homes and distinctive restaurants.

The subject property benefits from tremendous traffic volumes along Forbes Avenue with great visibility in a

densely populated urban residential environment which benefits greatly from the proximity to both campuses.

Forbes Avenue is the most heavily traveled urban commuter and retail artery in the City of Pittsburgh and provides direct access from downtown Pittsburgh to Oakland, Squirrel Hill, East Liberty, Shadyside and Bloomfield.

CURRENT ENROLLMENTUNIVERSITY OF PITTSBURGH | 18,615 CARNEGIE MELLON UNIVERSITY | 13,650

ANNUAL VISITORSPHIPPS CONSERVATORY | 180,000CARNEGIE MUSEUM | 300,000 CMU is currently under

construction on the new TEPPER SCHOOL OF BUSINESS building located on the front portion of the Morewood Parking lot . The 295,000 SF building will include classrooms, meeting space, an auditorium, dining options, a fitness center, break rooms and collaboration areas as well as a 200 car parking garage. Construction of the new building is set to cost over $200 million.

AERIAL

RENT ROLLNET LEASE STRUCTURELandlord is responsible for foundation and structure only. Tenant is responsible for roof and all other building maintenance.

STRONG CORPORATE GUARANTEEGuaranteed by Chipotle Mexican Grill of Colorado, LLC, the largest holding company of Chipotle Mexican Grill subsidiaries.

LEASE STRUCTUREChipotle 10 year initial lease to commence on 3.1.2017. Rent to increase to $138,510 per year on 3.1.2022.

Lease Year Annual Rent Cap Rate Monthly RentMonthly Rent

Per SFYearly Rent

Per SF3.1.2017 - 2.28.2022 $128,250/yr 4.5% $10,687.50 $4.49 $53.84 3.1.2022 - 2.28.2027 $138,510/yr 4.86% $11,542.50 $4.85 $58.15 3.1.2027 - 2.28.2032 (Option 1) $149,591/yr 5.24% $12,465.92 $5.23 $62.80 3.1.2032 - 2.28.2037 (Option 2) $161,558/yr 5.66% $13,463.17 $5.65 $67.82 3.1.2037 - 2.28.2042 (Option 3) $174,483/yr 6.12% $14,540.25 $6.10 $73.25 3.1.2042 - 2.28.2047 (Option 4) $188,441/yr 6.61% $15,703.42 $6.59 $79.11

RENDERINGS

PLANNED INTERIOR PLANNED EXTERIOR

TENANT OVERVIEWChipotle Mexican Grill, Inc., Founded in 1993, is a global chain of “fast casual” restaurants. It is best known for its large burritos, assembly line production and use of the very best sustainably raised ingredients. Chipotle was ranked #20 on Forbe’s list of the World’s Most Innovative Companies in 2014. Chipotle has over 1,724 locations in 43 states, the District of Columbia, Canada, England, Germany and France. Chipotle restaurants are company-owned rather than franchised, and they have over 45,340 employees. Chipotle went public on the New York Stock Exchange in 2006, and the stock rose exactly 100% on the first day, resulting in the best U. S.- based IPO in six years, and the second-best IPO for a restaurant after Boston Market. In 2015, the net income was $475.6 million and the total revenue was $4.50 billion, a 6.8% and 9% increase from 2014 respectively.

NYSECMG

2015 Revenue$4.5 billion

Employees45,340

Locations1,720+

MARKET & DEMOS

0.5 mile 1 mile 1.5 mile

Population 14,310 39,286 72,945

Households 4,641 15,011 32,678

Average HH Income $62,488 $68,236 $67,348

Median HH Income $29,634 $41,633 $45,269

Daytime Population 52,270 91,968 121,048

CMU CAMPUS

HEINZ CHAPELPITT CAMPUS

PHIPPS CONSERVATORY