15-Year Corporate Chipotle Drive-Thru 425 E. Hickman Rd

Investment Highlights

15-Year Corporate Net Lease to Chipotle (NYSE: CMG) Drive-Thru Equipped ?Chipotlane? Store - First in Des Moines Metro Affluent Surrounding Demographics - $134,000 AHHI within 5-Mile Radius High-Visibility Site on Hickman Rd, Waukee?s Primary Thoroughfare - 52,000 VPD Staggering Population Growth of 103% (since 2010) within 1-Mile Radius Path-of-Growth Location- Adjacent to Forthcoming Target-Anchored Development & 1,000 Units of Housing

Executive Summary

Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., as exclusive advisors to Seller, are pleased to present the opportunity to acquire a newly constructed corporate Chipotle in the burgeoning Waukee suburb of the rapidly expanding Des Moines metro in Iowa (the ?Property?). Strategically located along Hickman Road, Waukee?s busiest thoroughfare, the Property benefits from visibility to 52,000+ vehicles per day. The Property is secured by a new 15-year net lease to Chipotle and a corporate guaranty from its publicly traded entity. The lease features 10% rent escalations every 5 years and (4) 5-year extension options, offering stable, long-term income for investors. The newly constructed site is the Des Moines metro?s first ?Chipotlane? prototype store, allowing customers to benefit from a special drive-thru pickup lane for online orders. Chipotle executives have noted that drive-thru lane equipped stores generate approximately 20% higher sales than traditional stores, on average. Waukee is a rapidly growing submarket in the northwest Des Moines metro, and is the epicenter of growth in the Des Moines market. The submarket has witnessed staggering growth of 103% within a 1-mile radius of the Property and continues to expand. In addition, exceptional demographics surround the Property, with household annual incomes averaging $134,000 within a 5-mile radius. As a result of unprecedented growth, there are currently over 1,000 housing units planned or under construction within the immediate vicinity of the Property which are expected to come online in the next year, boosting the Property?s daily customer base. Additionally, in order to meet the needs of the rapidly growing population, commercial development underway in Waukee is hitting an all-time high, featuring the $132 million Target anchored Waukee Towne Center, the 40-acre KeeTown Loop entertainment district anchored by a 3,000 seat performance venue operated by LiveNation, and the Kettlestone Central Sports Complex which is part of a $350 million planned development spanning 160-acres.

• Sale Type    Investment
• Sale Condition    Build to Suit
• Property Type    Retail
• Property Subtype    Restaurant Restaurant General Retail Freestanding Restaurant
• Building Size    2,325
• Building Class    B
• Year Built    2023
• Price    2,952,000
• Price Per SF    1,270
• Cap Rate    5.25
• NOI    155,000
• Tenancy    Single
• Building Height    1 Story
• Building FAR    0.06
• Land Acres    0.83 AC

• 24 Hour Access
• Restaurant
• Signage
• Signalized Intersection
• Drive Thru
• Air Conditioning