SRS Real Estate Partners has announced the record-breaking $7.9 million ground lease (land ownership) sale of a newly developed Chick-fil-A property located at 1200 E Alta Vista Street in Placentia, California (Orange County). Situated on two acres and fronting Rose Drive, the 5,525-square-foot, double lane drive-thru property recently opened its doors and signed a new 15-year, corporate-guaranteed, absolute triple-net lease.
SRS Capital Markets’ Senior Managing Principals Patrick Luther and Matthew Mousavi and Vice President Winston Guest represented the seller, a Southern California-based developer. The buyer was a private investor from Southern California.
“This deal represents the highest-priced quick-service restaurant (QSR) sale in Orange County over the past two years and is the only QSR/fast-food sale during that period to exceed a $6 million price point,” said Guest.
“SRS is pleased to execute this high-profile transaction with a buyer who was not in a 1031 exchange, which demonstrates the continued demand for Class A retail,” said Mousavi. “With multiple investors bidding on the property it’s no question that Orange County new construction assets like this one continue to be highly desirable when combined with a world-class QSR tenant like Chick-fil-A.”
This deal also marks the third highest QSR sale in all of California over the last 12 months. Over the last two years in California, only four QSR properties have exceeded $7.5 million sale price and include two Raising Cane’s and two Chick-fil-A properties.
The Chick-fil-A property is well-positioned to benefit from its proximity to California State University, Fullerton, located less than three miles away and home to more than 41,000 students. The site also captures strong crossover traffic from the adjacent Ralphs-anchored retail center, which attracts over two million visitors annually. Strategically situated at the signalized hard-corner intersection of South Rose Drive and Alta Vista Street, the property is exposed to a combined traffic count of approximately 46,000 vehicles per day. Additionally, the dense surrounding trade area includes more than 382,000 residents and 209,000 employees within a five-mile radius, further supporting sustained customer demand.
Last year, SRS Capital Markets completed $3.5 billion in deal volume comprised of more than 900 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.