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NoCal Chick-fil-A Single-Tenant Property Sells for $2,167/sf

12/23/22

A NoCal-based private investor purchased a new, 4.8k sf single-tenant net lease Chick-fil-A Drive-Thru in Livermore for $10.4 mil, or $2,167/sf. The property was sold by Meridian, a full-service real estate developer and investor specializing in high-quality, brand-enhancing developments across the western United States.

The Chick-fil-A-occupied property is located on 1.61 acres at 1754 N. Livermore Ave. The property sits directly on the Livermore Ave exit from I-580, one of the most heavily trafficked commuter routes in the Bay Area (214,000 cars per day). The property is approximately 35 miles from downtown San Jose and 45 miles from San Francisco.

Chick-fil-A is adjacent to Home Depot and Walmart in Arroyo Plaza and other major retail in the area including Kohl’s, Target, Ross Dress for Less, T.J. Maxx, Petco, JOANN and Lucky supermarket. There are over 117,500 people with an average household income of nearly $185k within a five-mile radius of the property.

Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented Meridian in the transaction. The buyer was a local 1031 exchange buyer based in Alameda County.

“The sale was a rare Chick-fil-A build-to-suit that featured a 20-year initial lease term and depreciation benefits of owning both the land and building,” said Asher. “We successfully executed a pre-sale marketing strategy and procured and secured a buyer approximately three months ahead of Chick-fil-A formally opening for business and timed the closing shortly after the grand opening.”

According to a Restaurant Business article about Chick-fil-A published earlier this year, on average, one of Chick-fil-A’s non-mall locations generates more than $8 mil in sales a year, soaring 54% in the past five years. The chain has more than 2,700 restaurants in 47 states, Washington, D.C., Puerto Rico and Canada. Chick-fil-A’s growth has been driven more by rising AUVs (average-unit volumes) than by unit growth. It generates more total sales than any chain outside of McDonald’s and Starbucks, notes Asher.





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