Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Chick-fil-A located in Pinecrest, Florida, part of the Miami metropolitan area. The property has a new, 15-year, triple net ground lease with 10, five-year tenant renewal options. The lease offers eight percent rent increases every five years throughout the base term and option periods. This is also a brand-new location which is currently under construction and plans to open in Q4 2024. The Property will include a walk-up window, a new concept being tested by the brand. Chick-fil-A is the largest chicken chain in the country, and the third-largest restaurant chain. The brand generated $18.8 billion in sales in 2022. The company also has more than 3,000 restaurants in 48 states, Washington, D.C., Puerto Rico and throughout Canada, with plans to expand into Europe and Asia by 2030. The Subject Property is located in Pinecrest, FL which is part of the Miami metropolitan area with a total population of more than 2.7 million residents. Pinecrest is home to more than 18,000 residents and is one of Miami-Dade’s most affluent municipalities with an average market value of homes at nearly $1.7 million. The average household income within one mile of the property is $155,587, and $157,389 in three miles. The property has excellent access and visibility to more than 68,000 vehicles daily on Dixie Highway (Pinecrest Parkway). This Chick-fil-A is 12 miles from Downtown Miami and Brickell, Miami’s financial center with hundreds of business towers and luxury condos. Also, more than 20 elementary, middle and high schools within five miles of the subject property, serving nearly 20,000 students. Miami-Dade contains the largest concentration of medical facilities in Florida, drawing residents needing services throughout the state. The Subject Property is within walking distance of the Macy’s Furniture Store in Pinecrest, which was recently purchased by The University of Miami for $40 Million and plans to expand their clinics.