LOWER NAZARETH TWP., Pa. — The Chipotle restaurant property on Route 248 near the Northampton Crossing mall has sold for $4.3 million.
The sale of the former BB&T Bank building at 3704 Easton-Nazareth Highway (Route 248) was registered by Northampton County on February 3. The building is in the Lower Nazareth Township and Nazareth Area School District.
Chipotle, known for its burritos, tacos and salads, turned the building into a restaurant after Lower Nazareth approved the land use early last year.
The property covers 1.3 acres. The buyer is listed by the county as Easton Chip 9 Pooh, a limited liability company. Easton Chip 9 Pooh is based at Claridge’s, an apartment building in midtown Manhattan. The seller was another limited liability company, named after the construction site.
The location was also once owned by Nazareth National Bank & Trust Co. After several mergers, what was once Nazareth National became part of BB&T, which now operates under the Truist brand.
The restaurant at 3704 Easton-Nazareth Highway is one of approximately 2,900 Chipotle Mexican Grill Inc. outlets in the United States, Canada and Europe. Chipotle owns and operates all of its restaurants. The chain has nearly 95,000 employees, according to its website.
Chipotle Mexican Grill is listed on the New York Stock Exchange under the symbol CMG. The shares were at $1,452.94 in early trading today. The market cap of the company is $41.7 billion.