Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a quick service restaurant located at 2741 Southwest Military Drive in San Antonio, Texas. The 2,336-square-foot retail property is fully leased to Chipotle. Anne Perrault of Northmarq represented the seller, a Dallas, Texas-based developer. The 1031 exchange buyer was a private equity group located in Charlotte, North Carolina.
“This particular asset was in a core, major Texas metro area, and with a long-term corporate Chipotle lease, the property received a lot of attention from the market,” said Perrault, Director in Northmarq’s Tulsa, Oklahoma headquarters. “We were very excited for the developer to close the deal at an outstanding cap rate.”
The newly built property is located less than half a mile from San Antonio’s South Park Mall and other national retailers including Target, Academy Sports + Outdoors, Lowe’s, Sam’s Club, and many others. Situated on 1.23 acres, the site reflects the newest Chipotle prototype and features a “Chipotlane” drive-thru.