The 2,325-SF restaurant will feature new, high-margin ‘Chipotlane’
Mohr Capital, a Dallas-based privately held real estate investment firm, has acquired an existing convenience store located at 3355 Cobb Parkway in Acworth, Georgia, for redevelopment as a Chipotle Mexican Grill.
The property is a 1.36-acre outparcel in front of Home Depot, fronting Cobb Parkway, across from Lakeside Marketplace. Mohr Capital began razing the existing 2,325-square-foot building – a T-Fuel gas station and convenience store – in January and will deliver the pad site to Chipotle.
Chipotle Mexican Grill Inc., a fast-casual restaurant chain with more than 2,700 locations and 94,000 employees, will develop one of its new drive-thru stores – called “Chipotlanes” – on the property and expects to complete construction in 2021. Kimley-Horn Engineering and GPD Group will serve as architecture consultants on the project.
“We’re excited to announce our first retail acquisition in Georgia and a continuation of our partnership with Chipotle,” said Rob Solls, director of retail investments and acquisitions for Mohr Capital. “The property itself exhibits high-quality real estate fundamentals. It’s located off a heavily trafficked corridor and surrounded by national credit big-box retailers like Target and Home Depot. We are confident Chipotle will perform well at this location, and we’re pleased to add the property to our growing retail portfolio.”
Mohr Capital is pursuing more retail transactions in the Atlanta area and seeking value-add retail investment opportunities nationally. The firm currently has multiple retail projects under development and/or management in the West, Midwest, South and Southeast United States. Mohr’s retail division focuses on speculative investments, the acquisition of existing assets with lease monetization opportunities, and build-to-suit development for franchisees and corporate tenants.
“This is our second transaction with Chipotle in the past six months, and it perfectly exemplifies our strategy to source and close desirable retail property that attracts credit tenants,” said Bob Mohr, chairman of Mohr Capital. “Chipotle has performed well in the pandemic, leveraging its app and new drive-thru concept to grow its digital sales. We’re happy to help in that effort.”
The deal marks Mohr Capital’s third acquisition in less than 30 days following two successful investments in single-tenant industrial and office facilities in California and Florida. In 2020, Mohr Capital completed 12 transactions in Arizona, California, Florida, Georgia, Indiana and Texas valued at $200 million.