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Chipotle (NYSE: CMG) Ground Lease With Value Add8955 Staples Mill RoadRichmond, VA 23228

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1) Confidentiality&Disclaimer

2) ExecutiveSummary

3) PropertyOverview

4) Aerial

5) SitePlan

6) Maps

7) TenantProfile

8) DemographicComparisonReport

9) LocationOverview

10) ContactInformation

TABLE OF CONTENTS

TABLE OF CONTENTS

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TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.

CONFIDENTIALITY & DISCLAIMER

CONFIDENTITALITY & DISCLAIMER

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TheBoulderGroup ispleased toexclusivelymarket for saleasingle tenantChipotleground leasepropertywithadditionaldevelopablelandlocatedinRichmond,Virginia.Thenewlyconstructed2,215squarefootChipotlebuildingand29,708squarefeetofdevelopablelandarelocatedapproximatelyninemilesnorthwestfromdowntownRichmondinaprimaryretailarea.Thetenyeargroundleasefeaturesrentalescalationseveryfiveyearsthroughouttheprimarytermandineachrenewaloptionperiod.ChipotleisanindustryleaderandapubliclytradedcompanyontheNewYorkStockExchange(CMG)withamarketcapitalizationinexcessof$16billion.Theadjacentdevelopablelandoffersaninvestorthepotentialtocreatevalue.

TheChipotlegroundleasemustbepurchasedwiththeadjacent29,708squarefootdevelopmentpad.Thecombined56,715squarefeetof landformoutparcelnumberfouroftheStaplesMillSquareshoppingcenter.StaplesMillSquareisaTarget,OfficeMax,andPetcoanchoredcenterwithapproximately200,000squarefeetofretail.Thedevelopmentpadisfullyapprovedfora2,800squarefootretailbuildingwith27parkingspaces.

ThepropertyislocatedalongStaplesMillRoad,aheavilytraffickednorth-souththoroughfarethatleadstodowntownRichmond.StaplesMillRoadexperiencestrafficcountsinexcessof33,000vehiclesperday.Thereareover180,000peoplelivingwithinafivemileradiusearninganaveragehouseholdincomeinexcessof$80,000.A124,000squarefootKrogeranchoredshoppingcenter iscurrentlybeingdeveloped immediatelyacrossthestreet.Othernational retailers located in the immediatevicinityincludeCVS,RiteAid,UnionBank&Trust,FoodLion,BB&TBank,StarbucksandaWawaconveniencestore.

TherecentlysignedChipotlegroundleaseisfortenyearsandexpiresonApril30,2023.Thegroundleasefeatures10%rentalescalationseveryfiveyearsthroughouttheprimarytermandrenewaloptions.Therearefour5-yearrenewaloptionperiods.Chipotleisapubliclytradedcompany(NYSE:CMG)withamarketcapitalizationinexcessof$16billionandover1,500locations.

INVESTMENT HIGHLIGHTS

•LocatedwithintheRichmondMSA

•10%rentalescalationseveryfiveyearsthroughouttheprimarytermandrenewaloptionperiods

•Chipotleispubliclytraded(NYSE:CMG)withamarketcapitalizationinexcessof$16billion

•Valueaddopportunitywiththeadjacent29,708squarefootretaildevelopmentpad

•Outparceltoanapproximately200,000squarefootTarget,OfficeMax,andPetco anchoredshoppingcenter

•AcrossthestreetfromaKrogeranchoredshoppingcenterthatisunder development

•OtherretailersintheimmediatevicinityincludeCVS,RiteAid,FoodLion,BB&T Bank,UnionBank&Trust,Starbucks,McDonald’sandaWawaconveniencestore

•Theaverageannualhouseholdincomewithinsevenmilesofthepropertyis approximately$87,000

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

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Price: $1,725,000

RentSchedule: NOI EscalationDate

$80,000$88,000 5/1/2018$96,800 5/1/2023(Option1)$106,480 5/1/2028(Option2)$117,128 5/1/2033(Option3)$128,840 5/1/2038(Option4)

RenewalOptions: Four5-Year

LeaseCommencementDate: May1,2013

LeaseExpirationDate: April30,2023

Tenant: Chipotle(NYSE:CMG)

YearBuilt: 2013

LeaseType: GroundLease

BuildingSize: 2,215SF

GroundLeaseLandSize: 27,007

CHIPOTLE

PROPERTY OVERVIEW

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DevelopableLandSize: 29,708SF

Approvals: 2,800SFRetailBuildingWith27ParkingSpots

Zoning: B-2C

EstimatedCAMCharges: $6,026(Annual)

EstimatedTaxes: $2,197(Annual)

PROPERTY OVERVIEW

ADDITIONAL LAND - MUST BE BOUGHT TOGETHER

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AERIAL

AERIAL

N

33,000 VPD

STAPLES MILL ROAD

2,000+ STUDENTSHERMITAGE HIGH SCHOOL

2,000+ STUDENTSHERMITAGE HIGH SCHOOL

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SITE PLAN

SITE PLAN

N

STAPLES MILL ROAD (ROUTE 33)

DEVELOPABLELAND AREA

N

FUTURE RETAIL

2,800 SF

STAPLES MILL ROAD (ROUTE 33)

DEVELOPABLELAND AREA

OUTD

OOR

SEAT

ING

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MAPS

MAPS

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Chipotle Mexican Grill isachainofrestaurantswithoperationsintheUnitedStates,UnitedKingdom,Canada,Germany,andFrancethatspecializeinburritosandtacos.ThecompanyreleasedamissionstatementcalledFoodwithIntegrity;thathighlightsitseffortstouseorganicingredientsandtoservemorenaturallyraisedmeatthananyotherrestaurantchains.Chipotleisoneonthefirstchainsoffastcasualdiningandcontinuestobea leader inthisrestaurantsubsector.Fastcasual is thefastestgrowingsegmentof therestaurant industry,wherecustomersexpectfoodqualitythatismoreinlinewithfull-servicerestaurants,coupledwiththespeedandconvenienceoffastfood.

ChipotleispubliclytradedontheNewYorkStockExchange,CMG,withamarketcapitalizationinexcessof$16billion.Thereareover1,500locationsandover37,000fulltimeemployees.Chipotlewasfoundedin1993inDenver,Colorado,wherethecompanyisbasedtoday.

Website: www.chipotle.comNumberofLocations: 1,500+Headquarters: Denver,ColoradoStockSymbol: NYSE:CMGMarketCapitalization: $16+BillionRevenue(ttm): $3.07BillionQuarterlyRevenueGrowth(yoy): 18.00%QuarterlyEarningsGrowth(yoy): 15.30%

TENANT PROFILE

TENANT PROFILE

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Population 3-mi 5-mi 7-mi

TotalPopulation 84,786 182,653 328,633TotalHouseholds 35,880 77,437 136,548

Income

MedianHouseholdIncome $52,271 $58,149 $60,293AverageHouseholdIncome $66,071 $80,678 $86,928

DEMOGRAPHIC COMPARISON REPORT

DEMOGRAPHIC COMPARISON REPORT

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Richmond is the capital of the commonwealth of Virginia. As of the 2010 census, thepopulationforthecityofRichmondwas204,214whilethepopulationfortheRichmondMSAwas1,208,101.Richmond’seconomyisprimarilydrivenbylaw,finance,andgovernment,withfederal,state,andlocalgovernmentagencies,aswellasnotablelegalandbankingfirms. The area is home to six Fortune 500 companies; Dominion Resources, CarMax,Owens&Minor,GenworthFinancial,MeadWestvaco,andAltriaGroup.Additionally,tourism

isanimportantindustryforRichmondduetothehighnumberofhistoricsitesinthearea.

ThecityishometoboththeUnitedStatesCourtofAppealsfortheFourthCircuit,oneof13UnitedStatescourtsofappeals,andtheFederalReserveBankofRichmond,onof12FederalReserveBanks.ItishometofourofthelargestlawfirmsintheUnitedStates:Hunton&Williams,McGuireWoods,WilliamsMullen,andLeClairRyan.

Richmondalsobenefitsfromanexcellentpositioninreferencetothestate’stransportationnetwork,lyingatthejunctionofeast-westInterstate64andnorth-southInterstate95,twoofthemostheavilytraveledhighwaysinthestate,aswellasalongseveralmajorraillines.

www.richmondgov.com

LOCATION OVERVIEW

LOCATION OVERVIEW

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666DundeeRoad,Suite1801Northbrook,IL60062

Randy BlanksteinPresident847.562.0003rblank@bouldergroup.com

Jimmy GoodmanPartner847.562.8500jimmy@bouldergroup.com

CONTACT INFORMATION

CONTACT INFORMATION