Chipotle Mexican Grill

Chipotle Mexican Grill, Inc., together with its subsidiaries, develops and operates Chipotle Mexican Grill restaurants. As of December 31, 2016, the company operated 2,198 Chipotle restaurants throughout the United States, as well as 29 international Chipotle restaurants; and 23 restaurants with non-Chipotle concepts. The company was founded in 1993 and is based in Denver, Colorado.

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S&P Rating: N/R
Moody Rating: N/R

Typical Lease Characteristics

Lease Term: 15 – 20 Years  Years

Lease Type: Absolute NNN Lease 

Lease Increases: 10% Every 5 years 

Lease Extensions: 4-5 (5) Year Options

Lease Guarantor: Corporate

Tenant Overview

The Company categorizes its restaurants as end-caps (at the end of a line of retail outlets), in-lines (in a line of retail outlets), free-standing or other. Of its restaurants in operation as of December 31, 2016, the Company had 1,396 end-cap locations, 370 free-standing units, 346 in-line locations and 138 other locations.

With only a few exceptions, all Chipotle Mexican Grill restaurants are company owned. While a few franchises were sold in the early days, since Chipotle’s success the franchising plan has been scrapped in favor of complete corporate ownership and control.

Chipotle may seem huge right now, but it has a lot of expanding to do if it wants to catch up with the biggest players in the fast food business. The chain’s 2,000+ restaurants are nothing compared to true mega-chains, like McDonald’s, which has more than 34,000 restaurants worldwide, or Starbucks and its 20,600-plus shops. Today, Chipotle has only 17 restaurants overseas, with plans to open more company-owned stores internationally in the coming year. Chipotle may one day have thousands of stores around the world, but if it does, the chain wants to do it without relying on franchisees.


  • Loyal Customer Following
  • NNN lease eliminates landlord responsibilities
  • Typically Long term leases with increases


  • Consumers are showing a growing interest in healthy fast food.
  • Competitive Industry Sector
  • Susceptible to economic trends and pressures

Market Snapshots:

On Market Ranges:

# of Properties in set: 7

Price: $1,936,060 - $2,492,400Average: $2,225,354

PPSF: $700 - $890Average: $801

Year Built: 2004 - 2018Average: 2012

CAP Rate Range: 4.89% - 6.16%Average: 5.26%

Size range: 2,134 sq ft - 5,178 sq ft Average: 2,927 sq ft

Last 12 Month Range:

# of Properties in set: 1

Price: $1,800,000 - $1,800,000Average: $1,800,000

PPSF: $788 - $788Average: $788

Year Built: 2016 - 2016Average: 2016

CAP Rate Range: 5.00% - 5.00%Average: 5.00%

Size range: 2,284 sq ft - 2,284 sq ft Average: 2,284 sq ft

Chipotle Mexican Grill Company Profile

Headquarters Information

Denver, Colorado

Founded in 1993

Company type: Public

Stock Ticker: CMG

Sector: Services

Industry: Restaurants

# of Employees: 64,570

S&P Rating: N/R
S&P Rating: N/R

Chipotle Mexican Grill Stock Keys

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