OM — Chipotle, Delano CA (Central Valley)

California comparable OM from Mike's June 20 reply. Single-tenant Chipotle at 503 Woollomes Ave, Delano (Kern County, Central Valley), 2022 construction, priced at $2,598,029 / 5.10% cap on $132,500 NOI. Roughly 12-year NNN with four 5-year options; notably the landlord retains roof and structure responsibility, so it is not absolute NNN. The 5.10% cap — lowest among the CA comparables — reflects Chipotle's investment-grade corporate credit (NYSE: CMG, S&P BBB+), not location quality.

Key Facts¶

Corporate Chipotle lease; investment-grade credit drives the low cap rate.
Delano is a Central Valley agricultural market — credit, not location, prices the deal.
Landlord keeps roof/structure — a meaningful deviation from absolute NNN.