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Business Observer Tuesday, Nov. 22, 2022 3 days ago

Property with Chick-fil-A about to open on it sells for nearly $3 million

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The piece of property with the fast-food chain is an outparcel in Hillsborough County’s Cypress Ranch development.
by: Louis Llovio Commercial Real Estate Editor

An unnamed investor has paid nearly $3 million in a ground lease sale for a 1.35-acre outparcel in north Hillsborough County that will house a soon-to-open Chick-fil-A.

The 1031 exchange investor, who is not being identified, bought the property for $2.73 million. 

The parcel is just a sliver of the 164-acre Cypress Ranch mixed-used development in Lutz but given the immense popularity of the Georgia fast-food chain, it is likely to be a well-traveled sliver.

“Chick-fil-A is one of the nation’s most successful quick service restaurants and it wasn’t surprising that we had a significant amount of interest and secured multiple competitive offers, ultimately closing escrow in just 39 days to an all-cash buyer in a 1031 exchange,” SRS Real Estate Partners Executive Vice President Patrick Nutt says in a statement.

SRS's National Net Lease Group sold the property and announced the sale.

The Chick-fil-A is scheduled to open next month at 17693 Harpers Run. The restaurant chain has a 15-year lease.

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