California + Inland Empire + Net Lease | May 16, 2023

SRS Real Estate Partners’ National Net Lease Group arranged the acquisitions of two Chick-fil-A assets in Riverside County and Orange County

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.

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Inside The Story

SRS Real Estate's Mousavi and Luther

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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