Hanley Investment Group Real Estate Advisors has completed the sale of a newly built, single-tenant Chipotle Mexican Grill property with a Chipotlane drive-thru in Lemoore. The freestanding restaurant, located at 223 W. Hanford Armona Rd., traded for $3.58 million under a net-lease structure.
The seller, California Gold Development Corporation, was represented by Hanley Investment Group. Senior vice president Sean Cox and executive vice president Bill Asher led the assignment on behalf of the Northern California-based private commercial real estate investment and development company, which is a repeat client of the firm.
The buyer was described as a private investor based in California’s Central Valley. Rick Bissat of Avedian Properties Company in Visalia represented the buyer in the transaction, which was structured as a 1031 exchange. The property serves as a single-tenant location for Chipotle Mexican Grill, operating with a Chipotlane drive-thru format.
Cox noted that Hanley Investment Group generated multiple qualified offers for the newly constructed asset. He added that the selected Central Valley-based buyer obtained third-party financing through a mortgage broker that maintains a longstanding working relationship with Hanley Investment Group.
According to Cox, the team was able to maintain “maximum market pricing” on the transaction with no purchase price adjustment during the escrow period. This was achieved even as the 10-year U.S. Treasury yield rose by approximately 50 basis points while the deal was under contract, underscoring the stability of pricing for this particular net-leased quick-service restaurant asset.
The combination of new construction, single-tenant occupancy and a drive-thru-enabled Chipotle Mexican Grill helped support investor interest in the offering. The transaction reflects ongoing demand from private 1031 exchange buyers for net-leased restaurant properties in Central Valley markets, as well as the role of financing relationships in navigating interest rate volatility during the closing process.
