SRS Closes Two Chick-fil-A Sales to One Buyer
SRS Real Estate Partners’ National Net Lease Group (NNLG) arranged the ground lease acquisitions of two Chick-fil-A assets totaling approximately $15 million. The assets are located in Riverside County’s Palm Desert and Orange County’s Mission Viejo. The blended closing cap rate was 3.83%, marking the lowest cap rates for Chick-fil-A-occupied properties sold year-to-date in the Western U.S.
NNLG managing principals Matthew Mousavi and Patrick Luther represented the Southern California-based private buyer. For the Palm Desert sale, Timothy Genske of CBRE and Bruce Bailey of The Bailey Group represented the seller, UCLA, which received the asset as a donation. On the Mission Viejo transaction, CBRE’s Jimmy Slusher, Eric Shain and John Read represented the seller, a local private investor.
“Chick-fil-A-occupied assets continue to be highly coveted and sought after by net lease investors as a leading brand within the quick-service-restaurant sector,” said Mousavi.