A drive-thru Chipotle has traded hands in Phoenix for $3.2 million or a 4.25% cap rate. The property is a prototype for the company, making it a rare opportunity for investment.

The property is located on 1.23 acres on the southwest corner of Priest Drive and Elliot Road at 1655 W. Elliot Road in Tempe. The brand-new, 2,318-square-foot building has a "Chipotlane" drive-thru.

Steven Underwood and Chad Tiedeman at Phoenix Commercial Advisors represented the seller in the transaction.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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