Sean Patrick brokers sale of 15-year ground lease at restaurant located along the Jimmy Carter Boulevard commercial corridor.
ATLANTA, GA, January 09, 2024 /24-7PressRelease/ — Ackerman Retail, a division of Ackerman & Co., has brokered the sale of an absolute triple net Chick-fil-A ground lease on behalf of seller WB Holdings-Jimmy Carter Boulevard, LLC for a 4,200-square-foot property in Norcross, Ga. A local private buyer, sourced by Ackerman Retail, purchased the ground lease.
Sean Patrick, Senior Vice President of Investment Sales for Ackerman Retail, represented the seller in the transaction.
“Our marketing efforts helped attract a great deal of interest among investors, enabling us to complete this sale quickly and achieve strong pricing at a 3.9 percent cap rate,” Sean Patrick said. “The supply of Chick-fil-A deals on the market is up almost triple. The appeal of the Chick-fil-A brand, which is the third-largest quick-service chain in the United States, combined with the market rental rate and strategic location of this restaurant made this a very attractive investment for the buyer.”
The restaurant is located at 5455 Jimmy Carter Boulevard along one of the most heavily traveled commercial corridors in Gwinnett County in a bustling retail district containing a wide mix of retail, fast-casual and full-service restaurants.
Delivered in 1998, the Chick-fil-A was renovated to the new prototype in 2018. The property, which is located .3 miles from a full I-85 interchange, benefits from being a part of the Gateway85 Community Improvement District, a 14-square-square-mile area spanning the I-85 corridor that has invested in major infrastructure improvements in the district, including a diverging diamond interchange at Jimmy Carter Boulevard at I-85, lighting and landscaping improvements, sidewalks, pedestrian crossings and more.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space, has more than 4 million square feet under management and a growing focus on self-storage investment.
Ackerman Retail, a division of Ackerman & Co., offers a best-in-class services platform, delivering solid results for local and multi-market clients across the Southeast. To date, Ackerman Retail has completed more than 10 million square feet of transactions valued at $1.7 billion. For more information, visit www.ackermanco.com
About Chick-fil-A, Inc.
Chick-fil-A, Inc. is the third largest quick-service restaurant company in the United States, known for its freshly-prepared food, signature hospitality and unique franchise model. More than 200,000 Team Members are employed by independent owner-operators in more than 3,000 restaurants across the United States, Canada, and Puerto Rico. In 2023, the company shared plans to expand by 2030 into Europe and Asia. Chick-fil-A owner-operators live and work in the communities their restaurants serve, each supporting local efforts to address hunger, education, and making a positive impact. The family-owned and privately held company was founded in 1967 by S. Truett Cathy. More information on Chick-fil-A is available at www.chick-fil-a.com and @ChickfilANews.
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