Washington, D.C. (July 30, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $1.8 million ground lease sale of a single-tenant, 3,781-square-foot property leased to Chick-fil-A at 4220 Plank Road in Fredericksburg, Virginia. Chick-fil-A has been at this location for 20 years and recently extended its corporate-guaranteed lease for an additional five years.
SRS National Net Lease Group’s Executive Managing Director Andrew Fallon and Senior Managing Director Rick Fernandez, represented the seller.
“We were able to generate intense competition for the property with over a dozen offers including several over the asking price,” said Fallon. “Ultimately the seller awarded the deal to a high net worth private investor with a tight closing timeline who offered $25,000 over asking price.”
“The marketing and sale of this Chick-fil-A illustrates the flight-to-quality mindset of investors during this COVID pandemic,” said Fernandez. “Buyers are willing to reach for best-in-class operators offering long-term stability with a high degree of certainty that rent will be paid even under these challenging times and Chick-fil-A is a prime example of a tenant that meets those requirements.”
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 140 transactions valued at $502 million. Additionally, the group has nearly $800 million of assets under LOI or in escrow and $2 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 states nationwide.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.