July 31, 2020
SRS Real Estate Partners National Net Lease Group has arranged the $1.8 million ground lease sale of a single-tenant, 3,781-square-foot retail property leased to Chick-Fil-A in Fredericksburg, VA.
Located at 4220 Plank Road, the property has been leased to Chick-Fil-A for 20 years. Chick-Fil-A recently extended its corporate-guaranteed lease for an additional five years. Andrew Fallon and Rick Fernandez of SRS represented the undisclosed seller in the transaction. The buyer was also undisclosed.
“The marketing and sale of this Chick-fil-A illustrates the flight-to-quality mindset of investors during this COVID pandemic,” said Fernandez. “Buyers are willing to reach for best-in-class operators offering long-term stability with a high degree of certainty that rent will be paid even under these challenging times and Chick-fil-A is a prime example of a tenant that meets those requirements.”
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