Chick-fil-A NNN Properties for Sale in Florida
Chick-fil-A is the holy grail of QSR NNN real estate. As a private company (no S&P rating required), Chick-fil-A has consistently grown sales per store at rates no public QSR can match — driving massive investor demand and the tightest cap rates in net lease retail. Most Chick-fil-A deals are ground leases where the tenant owns the building improvements on a long-term land lease, trading at sub-5% cap rates for premium locations.
Typical Cap Rate
4.00% - 4.75% (ground lease) / 5.00% - 5.75% (BTS)
Lease Term
15 - 20 years
Price Range
$3M - $8M+
Building Size
5,000 - 5,200 SF
Lot Size
0.75 - 1.25 acres
Credit Rating
Private (investment-grade equivalent)
Investment Highlights
- Best-in-class QSR performance — $9M+ in average annual sales per store
- Tightest cap rates in net lease retail real estate
- Strong credit profile (private but treated as investment-grade equivalent)
- Highest demand for location quality — corner pad sites with drive-thru
- Corporate-owned and operated model (not franchised)
- Long-term commitments on prime Florida real estate
Lease Structure
Chick-fil-A deals come in two main structures: Ground Lease (tenant owns the building on a long-term land lease, 20+ years with options, absolute NNN to the land, ~4-4.75% cap rates) and BTS NNN (developer owns the building, absolute NNN, 15-20 years, 5-5.75% cap rates). Rent bumps are commonly 10% every 5 years.
Chick-fil-A Tenant Profile
Chick-fil-A is a private company (Cathy family) with approximately 3,000 US locations. Despite being closed on Sundays, Chick-fil-A generates more revenue per store than any other major QSR brand — roughly 2x McDonald's average. The company maintains strict operator selection and location quality standards. Credit: Private, but typically treated as investment-grade equivalent due to financial strength.
Chick-fil-A in Florida
Chick-fil-A continues to expand aggressively in Florida with continuous new locations in Orlando metro, Tampa Bay, Jacksonville, Miami, and Southwest Florida. Prime Florida pad sites trade at the tightest cap rates in the category — ground leases in Lake Nona, downtown Orlando, or major Tampa intersections trade 3.75-4.5%. Secondary market BTS deals trade 5-5.75%.
Why Buy Chick-fil-A
- +Premier QSR brand with unmatched per-unit sales performance
- +Tightest cap rates in retail net lease create rarity value
- +Strong ground lease structure — minimal risk, passive income
- +Corporate-owned/operated eliminates franchisee risk
- +Florida expansion creates ongoing new inventory
Considerations
- •Very tight cap rates — thin current yield but strong long-term appreciation potential
- •Ground lease vs. BTS structure significantly impacts cap rate and risk
- •Private company means less financial transparency vs. public tenants
- •Sunday closure means no 7-day sales (unique among QSR)
Related QSR Tenants
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