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Murrieta Chick-fil-A Deal Sets Two 2024 Sales Records
SRS Real Estate Partners Capital Markets completed the $6.15-million ground lease of a 5,000-square-foot Chick-fil-A property located at 27960 Clinton Keith Rd. in Murrieta. The new construction property recently opened for business in March this year and has a 15-year ground lease in place.
The transaction marks two sales records, according to SRS. At 3.9%, it is the lowest cap rate for a Chick-fil-A property sold this year nationwide. Additionally, the sale is the lowest cap rate this year for all QSR sales in Southern California with annual rent above $200,000.
First VP Winston Guest and managing principals Matthew Mousavi and Patrick Luther represented the seller and developer of the property, Newport Beach-based Sage Investco. They also represented the all-cash buyer, a private family trust from California.
The Chick-fil-A property sale is part of a break-up strategy valued in excess of $20 million for the class A pads at The Vineyard Shopping Center, a 26.3-acre retail project anchored by Costco Wholesale and ALDI near Interstate 15. Other parcels being sold by SRS include Chase Bank, Chipotle and Verizon Wireless, Ono Hawaiian BBQ and Ramona Tires.
- ◦Sale/Acquisition
