Chipotle + Sage Dental Outparcel
2560 South Washington Avenue
Titusville, FL 32780
Highlights
- NNN Leases
- 2022 Construction
- 10% Increases every 5 Years
- Leases - Corporate Guarenteed
Description
RE/MAX 360 Real Estate is delighted to present for sale the 100% fee simple interest of a dual-NNN Tenant property situated at 2560 South Washington Avenue (US Route 1), Titusville, FL. This property, consisting of 6,150 square feet on a 1.05-acre site, is prominently positioned on the northwest corner of the South Washington Avenue (US Route 1) and Harrison Street junction. The property is notably the southeast corner outparcel adjacent to Titus Landing, a significant ±297,000 square feet Lifestyle Center, featuring anchor tenants such as Hobby Lobby, Epic Theatres, Ulta, Bealls, and Harley Davidson.
The property was constructed in 2022 and fully leased to Chipotle and Sage Dental. Each is under a 10-year triple net (NNN) lease and includes 10% rent escalations every 5 years.
Chipotle (NYSE: CMG), established in 1993, is a top player in the U.S. fast-casual restaurant market, boasting over $7.5 billion in revenue in FYE 2021 and a net income of $653 million. With more than 2,900 U.S. locations, Chipotle plans significant expansion, including this location, which features their latest design and a Chipotlane Drive-Thru to enhance off-premises dining and overall revenue.
Sage Dental, started in 1997, is a rapidly growing Dental Support Organization (DSO) with over 80 sites in Florida and Georgia. In FYE 2021, Sage Dental reported an estimated Systemwide Revenue of around $196 million and is on track for considerable growth.
Titusville is the focal city of the Palm Bay-Melbourne-Titusville MSA, located just 41 miles east of Orlando on Florida’s renowned Space Coast. The area, attracting over 3 million tourists annually, benefits from the thriving tech and aerospace sectors. Just 15 miles from the Kennedy Space Center, the property gains from substantial investments and the influx of aerospace companies to the region. The MSA is noted for being the second fastest-growing tech job market in the U.S., hosting facilities for major employers.
