SRS Brokers $8.9M Ground Lease Sale of Chick-fil-A Restaurant in Miami

SRS Real Estate Partners negotiated the $8.9 million ground lease sale of a restaurant property at 18240 S. Dixie Highway in Miami. The 5,399-square-foot building, completed in 2024, is occupied by Chick-fil-A under an absolute triple-net lease backed by a corporate guarantee, with 13 years left on the initial term.

Patrick Nutt and William Wamble of SRS represented the seller, a joint venture between Berkowitz Development Group of Coconut Grove and Shanghai-based Landsea Development Group. The buyer, a New York-based investor, requested anonymity, so its identity was not disclosed.

The deal shows continued investor demand for single-tenant net lease restaurant assets in South Florida, particularly those with national credit tenants and extended remaining terms. Because the lease places operating costs on the tenant, the sale highlights how ground lease income streams are valued by buyers seeking predictable, low-maintenance returns.

For developers and financiers, this comparable underscores that credit-rated quick-service tenants with long remaining terms can support strong pricing on newly built freestanding pads in Miami-Dade.