New Construction Chick-fil-A Ground Lease Sells for $8.9 Million in Miami

SRS Real Estate Partners announced today it has completed the $8.9 million ground lease (land ownership) sale of Chick-fil-A property located at 18240 S. Dixie Highway in Miami, FL. Built in 2024 and situated on 1.56 acres, the 5,399-square-foot (sf) property also includes 509 sf of outdoor patio seating space. It has an absolute triple-net corporate-guaranteed ground lease in place with 13 years remaining. The site was formerly occupied by Burger King before being redeveloped into a modern Chick-fil-A restaurant featuring the brand's latest design.

SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President & Principal William Wamble represented the seller, a venture led by Berkowitz Development Group, a South Florida-based commercial real estate development, investment and management firm with an extensive history of developing, redeveloping, owning and operating retail, office and industrial properties throughout the region, in partnership with Landsea Development Group. The New York-based buyer was in a 1031 exchange.

"With zero landlord responsibilities, this was a prime investment opportunity for the new ownership in a state with no income tax," said Nutt. "Our team has closed 11 Chick-fil-A assets in Florida over the past 12 months and we continue to see pricing escalate. At $8.9 million, this marks one of the highest prices paid for this concept in the state."

"We are extremely pleased with the outcome of this investment," said Michael Berkowitz, President of Berkowitz Development Group. "From the initial redevelopment through the successful sale, this project demonstrates the importance of having the right location, the right tenant and the right execution. We are proud of what we accomplished with Chick-fil-A and appreciate the efforts of the SRS team in bringing this transaction to a successful conclusion."

The property fronts South Dixie Highway (Route 1), a major retail thoroughfare that sees more than 51,000 vehicles per day. It is also across from the Publix-anchored South Dade Plaza and is just 1.3 miles east of the Florida Turnpike.

This year, SRS Capital Markets has completed more than $2.5 billion in deal volume comprised of more than 500 transactions across the nation. SRS currently has in excess of 900 properties actively on the market with a market value surpassing $4.3 billion.

About SRS Real Estate Partners

Founded in 1986, SRS Real Estate Partners is celebrating 40 years of going the extra mile for its clients. A leader in consumer-driven real estate, SRS provides commercial real estate solutions across retail, industrial, and capital markets. Headquartered in Dallas with 30 offices nationwide, the firm measures its success by the achievement of its clients' objectives, satisfaction, and trust. For more information, please visit srsre.com.