New York-Based Buyer Acquires Chick-fil-A Ground Lease In Miami For $8.9 Million
18240 South Dixie Highway
$8,900,000
$1,648/SF
Building Size
5,399 SF
Asset Type
Retail
Closing
Oct 29, 2026
About this deal
AI
A New York-based buyer acquired the ground lease for a Chick-fil-A property located at 18240 South Dixie Highway in Miami, FL, for $8.9 million. The retail asset encompasses 5,399 square feet and was constructed in 2024, featuring 13 years remaining on its absolute triple-net, corporate-guaranteed lease.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $8,900,000
- Square Footage: 5,399
- Address: 18240 South Dixie Highway
- Market: Miami, FL
- Price per Square Foot: $1,648
- Seller: Michael Berkowitz - Berkowitz Development Group; Douglas Landsea - Landsea Development Group
- Broker: Patrick Nutt & William Wamble - SRS Real Estate Partners
The transaction involved a joint venture between Berkowitz Development Group and Landsea Development Group as sellers. SRS Real Estate Partners represented the sellers in this deal.
On the Map
$8,900,000
$1,648/SF
Retail
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Players
Miami Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.78%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93