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**Chick-fil-A Sale Sets Pricing Record for Orange County Quick-Service Restaurants**
SRS Real Estate Partners has brokered the $7.9 million ground lease sale of a newly developed Chick-fil-A property located at 1200 E Alta Vista St. in Placentia, California. The 5,525-square-foot restaurant sits on a two-acre parcel fronting Rose Drive and features a double-lane drive-thru. The location recently commenced operations under a new 15-year corporate-guaranteed, absolute triple-net lease.
The transaction was handled by Patrick Luther and Matthew Mousavi, senior managing principals at SRS, along with Vice President Winston Guest. They represented the seller, a Southern California-based developer. The buyer was a private investor, also based in Southern California.
“This deal represents the highest-priced quick-service restaurant sale in Orange County over the past two years and is the only QSR/fast-food sale during that period to exceed a $6 million price point,” said Guest.
According to SRS, the sale also ranks as the third-highest quick-service restaurant transaction in California in the past 12 months. Over the last two years, only four QSR properties in the state have sold for $7.5 million or more.
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