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9/02/24
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A Dallas-based private 1031 exchange investor paid $3.735 mil for the ground lease purchase of a newly developed Chick-fil-A property in Dallas. Built in 2023, the 4.7k sf restaurant sits on 1.525 acres at 3502 W. Camp Wisdom Rd. Chick-fil-A has 14 years remaining on its corporate-guaranteed absolute triple net lease.
The property is an outparcel to The Shops at Redbird, a 720k sf shopping center that is currently undergoing a major redevelopment. The property is surrounded by other major retailers including Ross, Sam’s Club, Walmart, Target, and Foot Locker, among others. Additionally, the property has more than 253,000 residents and 77,000 employees within a five-mile radius.
Matthew Mousavi and Patrick Luther with SRS Capital Markets represented the seller, a Dallas-based developer. The closing cap rate was 4.15%.
According to Technomic Ignite, since 2018 Chick-fil-A has doubled its total sales volume. Last year the chain generated $21.58 bill in sales which is a 14.7% increase over the previous year’s $18.81 bil and over 43% over 2021’s $15 bil.
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