A recently opened Chick-fil-A in Placentia has set a record in Orange County, fetching $7.9 million in a ground lease sale—the highest-priced quick-service restaurant transaction in the county in the past two years, according to SRS Real Estate Partners.
The property, located at 1200 E. Alta Vista St., sits on two acres and features a 5,525-square-foot, double-lane drive-thru Chick-fil-A, which opened in October. The deal is the “only QSR/fast-food sale during that period to exceed a $6 million price point,” SRS Vice President Winston Guest said in a statement.
Winston and SRS Capital Markets’ Senior Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a Southern California-based developer. The buyer was a private investor from Southern California.
“With multiple investors bidding on the property it’s no question that Orange County new construction assets like this one continue to be highly desirable when combined with a world-class QSR tenant like Chick-fil-A,” Mousavi said in a Jan. 6 statement.
The Placentia Chick-fil-A also ranks third among QSR sales in California over the past 12 months, according to SRS.
