Chipotle Sells in Historic Net-Lease Market

CHICAGO— The demand for single-tenant net-leased properties has outstripped the supply and brokers across the country have seen the results all year. In Chicago, for example, The Mansour Group of Marcus & Millichap, a net-lease specialist led by San Diego-based Alvin Mansour, just completed the sale of a Chipotle net-leased property located southeast of downtown Chicago before the restaurant was even finished.

“That is a bit unusual,” says Mansour, but “with especially high-quality inventory like this, a lack of supply has led to more buyers willing to close even before the outlet opens.” The company does about 50 to 100 net-lease deals per year, he adds, and in every region of the country, “in terms of demand and pricing, this is the strongest we have seen the net-lease market in the last decade.”