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9/20/18
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A SoCal-based exchange investor paid $3.5 mil for the ground lease purchase of a newly developed, freestanding, 4.8k sf property in Dallas occupied by Chick-fil-A. The quick-serve restaurant opened its doors in 2017 and has approximately 19 years remaining on its corporate-guaranteed lease.
The asset sold for $732 per square foot and closed at a cap rate of 4%. According to CoStar records, at $732 per square foot, this sold for one of the highest prices per square foot and one of the lowest cap rates ever for a Chick-fil-A occupied property in Texas.
Located at 9111 Garland Road, the restaurant is situated on 1.37 acres along Gaston Pkwy, just off the intersection of Garland Rd, State Highway 78 and Oldgate Way. Other national tenants in the immediate area include Petco, Dollar Tree, CVS Pharmacy, 7-Eleven, and Walgreens, among others. The property is within a densly populated area and is less than seven miles from downtown Dallas.
Ara H. Rostamian, Matthew Mousavi and Patrick Luther with SRS’ National Net Lease Group represented the seller, a private investor from Los Angeles. The all-cash 1031 exchange buyer was repped by Craig Stewart of ACRE Investment Real Estate Services. According to Rostamian, this was the second time the ground under this property has sold since it was developed just under a year ago.
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