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1776 Eastchester Road

Chipotle Mexican Grill Signs Long-Term Lease For 2,957-Square-Foot Space In Bronx's Hutchinson Metro Center Atrium
LEASEDRetail

Chipotle Mexican Grill Signs Long-Term Lease For 2,957-Square-Foot Space In Bronx's Hutchinson Metro Center Atrium

1776 Eastchester Road

Building Size

2,957 SF

Asset Type

Retail

Closing

Sep 13, 2023

AI

Chipotle Mexican Grill has signed a long-term lease for a 2,957-square-foot space in the Hutchinson Metro Center Atrium, a 360,000-square-foot mixed-use complex located at 1776 Eastchester Road in the Pelham Bay section of the Bronx. The retail space offers Chipotle an ideal location to serve its customers in the bustling market of Pelham Bay.

Summary of Transaction Details

  • Property Type: Retail
  • Transaction Amount: Not provided
  • Size: 2,957 square feet
  • Address: 1776 Eastchester Road
  • Market: Pelham Bay Section, Bronx

Simone Development Companies, led by Joseph Simone, acted as the landlord in this lease transaction. They were instrumental in securing Chipotle as a tenant in their retail space at Hutchinson Metro Center Atrium. Chipotle Mexican Grill, a well-known fast-casual Mexican restaurant chain, saw the potential of this location and decided to establish its presence in the vibrant Pelham Bay market.

Players

Joseph Simone

Simone Development Companies

Landlord

$243M

vol

12 deals

Landlord
CG
Chipotle Mexican GrillTenant

Bronx Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93