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
Bronx Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
Loading comparables…
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