SRS Real Estate Partners has finalized the ground lease sale of a new-construction Chick-fil-A in Clovis, with the transaction priced at $4.72 million. The single-tenant property is located at 560 W. Shaw Ave. and is operated under a long-term ground lease structure. The asset changes hands as a fully developed quick-service restaurant site with an established national brand in place.
The restaurant property was completed in 2026 and encompasses 4,847 square feet on a 2.19-acre parcel. The Chick-fil-A is subject to a 15-year, absolute triple net ground lease, under which the tenant is responsible for property expenses typically associated with ownership. The ground lease structure and duration provide a defined income profile for the new owner for the full primary lease term, barring any changes not described in the available information.
SRS Real Estate Partners Senior Vice President Alexander Moore represented the seller in the disposition. The seller is described as a Bay Area-based investor, indicating that the ownership prior to the sale was held by private capital from that region. The sale demonstrates the ability of investors to trade stabilized net-lease assets tied to national retailers even when ownership and capital sources are geographically dispersed within the same state or region, though no specific state is identified in the source.
The buyer in the transaction is characterized as a Central Valley-based private investor who completed the acquisition as part of a 1031 exchange. By using the Clovis Chick-fil-A ground lease to complete an exchange, the buyer redeployed proceeds from a prior sale into this net-leased asset, consistent with Internal Revenue Code provisions that allow deferral of capital gains taxes when replacement properties are acquired under the specified timelines and rules.
Moore stated that the closing reflects strong demand for investment opportunities in the Central Valley as well as sustained interest in Chick-fil-A-occupied properties. According to his comments, Chick-fil-A is one of the leading quick-service-restaurant brands in the United States, with approximately 3,400 locations and an annual Average Unit Volume of $9.3 million. Those performance metrics help explain why properties leased to the brand continue to draw focused attention from private investors seeking income-producing retail assets.
The transaction highlights ongoing investor appetite for newly developed, single-tenant retail properties with long-term absolute triple net ground leases. With a nationally recognized quick-service restaurant as the tenant, a recently built facility, and a lengthy lease term in place, the Clovis Chick-fil-A ground lease offered attributes that aligned with the objectives of an exchange-driven private buyer looking to place capital into stabilized retail income.
