SRS Real Estate Partners’ National Net Lease Group (NNLG) successfully arranged the ground lease acquisitions of two Chick-fil-A assets totaling approximately $15 million. The properties are located in Riverside County’s Palm Desert and Orange County’s Mission Viejo, with a blended closing cap rate of 3.83%, representing one of the lowest cap rates for Chick-fil-A occupied properties sold year to date in the Western US.
Matthew Mousavi and Patrick Luther, NNLG managing principals, represented a Southern California based private buyer on both transactions. Timothy Genske from CBRE and Bruce Bailey from The Bailey Group acted as representatives for UCLA who received the asset as a donation during Palm Desert sale; while Jimmy Slusher, Eric Shain and John Read from CBRE represented local private investor on Mission Viejo transaction.
Mousavi commented that “Chick-fil-A occupied assets continue to be highly sought after by net lease investors due to its status as one of leading brands within quick service restaurant sector”
