Florida-based Buyer Acquires Chick-fil-A Ground Lease In Hendersonville Tennessee For $2.8M

A newly built Chick-fil-A restaurant located at 262 East Main Street in Hendersonville, TN is the asset involved in this transaction. The sale price for the property was $2,800,000, and it is secured under a 15-year ground lease that features 10% rent increases during the initial term.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,800,000
• Address: 262 East Main Street
• Market: Hendersonville, TN
• Lease Type: 15-year ground lease
• Rent Increases: 10% during initial term

Marcus & Millichap's Taylor McMinn Retail Group represented the seller in this transaction. The buyer, a high-net-worth individual from Florida, was represented by RealSource Group and ParaSell Inc. The acquisition was completed through an all-cash 1031 exchange.