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Chipotle (NYSE: CMG)3232 South 27th StreetMilwaukee, WI 53215

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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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TheBoulderGroupispleasedtoexclusivelymarketforsaleasingletenantChipotlepropertylocatedinMilwaukee,Wisconsin.Chipotlehassuccessfullyoperatedatthislocationsince2003andrecentlyextendedtheirleaseanadditionaltenyears.ChipotleiscommittedtothesiteasevidencedbytheirrecentleaseextensionwhichexpiresJuly2023with12.5%rentalescalationseveryfiveyears.ChipotleisapubliclytradedcompanyontheNewYorkStockExchange(CMG)withamarketcapitalizationinexcessof$16billion.

TheChipotlepropertyislocatedalongSouth27thStreet,aheavilytraffickednorth-souththoroughfareapproximatelyfivemilessouthwestofdowntownMilwaukee.South27thStreetexperiencestrafficcountsinexcessof31,000vehiclesperday.Additionally,thepropertybenefitsfromitsproximitytothesignalizedintersectionofWestOklahomaAvenueandSouth27thStreet,whichexperiencestrafficcountsinexcessof52,000vehiclesperday.Furthermore,AuroraSt.Luke’sMedicalCenter,thenumberonerankedhospitalinMilwaukee,islocatedattheheavilytraffickedintersection.AuroraSt.Luke’sMedicalCenterisa710-bedfacilitywithover130,000annualvisitors(27,610inpatientsurgeries,41,028outpatientsurgeries,&61,734emergencyroomvisits).

Thepropertyislocatedwithinadenselypopulatedareawithover400,000peoplelivingwithinfivemiles.TheChipotleiswellpositionedinaprimeretailcorridoracrossthestreetfromaWalmartSupercenterandWalgreens,creatingconstanttrafficflownearthesite.OtherretailersintheimmediatevicinityincludeKohl’s,Pick‘nSave,ChaseBank,PNCBank,CVS,Michael’s,Marshalls,andOfficeMax.

Chipotlerecentlyoptedtoextendtheiroriginalleasetoensuretheirpresenceatthislocationfortenadditionalyears.ThenewlyextendedleaseexpiresonJuly25,2023andfeaturesrare12.5%rentalescalationseveryfiveyearsthroughouttheprimarytermandrenewaloptionperiod.Chipotleisapubliclytradedcompany(NYSE:CMG)withamarketcapitalizationinexcessof$16billionandhasover1,500locations.

INVESTMENT HIGHLIGHTS

•LocatedinMilwaukee

•Chipotlerecentlyextendedtheirleasefortenadditionalyears

•12.5%rentalescalationinJuly2018andintherenewaloption

•Chipotleispubliclytraded(NYSE:CMG)withamarketcapitalizationin excessof$16billion

•Chipotlehassuccessfullyoperatedatthislocationforover10years

•AcrossthestreetfromaWalmartSupercenterandWalgreensanchored development

•LocatedintheimmediatevicinitytoAuroraSt.Luke’sMedicalCenter,a710-bedfacilitythatisthenumberoneranked hospitalintheMilwaukeeMSA

•Over400,000peoplelivingwithinfivemilesofthesubjectproperty

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

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Price: $1,824,000

CapRate: 6.25%

RentSchedule: NOI EscalationDate

$114,000$128,250 7/26/2018$144,281 2/26/2023(Option1)

RenewalOptions: One5-Year

LeaseCommencementDate: July26,2013

LeaseExpirationDate: July25,2023

Tenant: Chipotle(NYSE:CMG)

YearRenovated: 2003

LeaseType: NN

BuildingSize: 2,295SF

LandSize: 14,400SF

PROPERTY OVERVIEW

PROPERTY OVERVIEW

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AERIAL

AERIAL

N

31,300 VPD

21,600 VPD

SOUTH

27TH SR

EET

W. OKLAHOMA AVENUE

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SITE PLAN

SITE PLAN

OUTDOOR SEATING

S. 27TH

STREET

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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: $16BillionRevenue(ttm): $3.07BillionQuarterlyRevenueGrowth(yoy): 18.00%QuarterlyEarningsGrowth(yoy): 15.30%

TENANT PROFILE

TENANT PROFILE

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Population 1-mi 3-mi 5-mi

TotalPopulation 19,349 204,446 401,243TotalHouseholds 7,487 76,453 163,512

Income

MedianHouseholdIncome $39,907 $38,586 $40,017AverageHouseholdIncome $50,388 $49,099 $52,758

DEMOGRAPHIC COMPARISON REPORT

DEMOGRAPHIC COMPARISON REPORT

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MilwaukeeisthelargestcityinWisconsinandthe28thmostpopulouscityintheUnitedStates.MilwaukeeislocatedonthesouthwesternshoreofLakeMichigan.Accordingtothe2010U.S.Census, theCityofMilwaukeehadapopulationof594,833andtheMilwaukeeMSAhadapopulationof1,751,316.

Milwaukee and its suburbs are the home to the international headquarters of 13 Fortune1000companies, including JohnsonControls,NorthwesternMutual,Manpower Inc., JeffersonWells,Kohl’s,Harley-Davidson, Rockwell Automation, Fiserv, Inc., Hal Leonard, Wisconsin Energy, Briggs & Stratton, JoyGlobal,Bucyrus International,A.O.Smith,GEHealthcareDiagnostic ImagingandClinicalSystemsandMGICInvestments.TheMilwaukeemetropolitanarearanksfifthintheUnitedStatesintermsofthenumberofFortune500companyheadquartersasashareofthepopulation.

city.milwaukee.gov

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