JLL Capital Markets has closed the sale of a 3,354-square-foot, single-tenant retail building ground-leased to Chick-fil-A in the Houston suburb of Sugar Land, Texas. JLL marketed the property on behalf of the seller, North American Development Group. Coral Cables-based Riverstone Capital Group purchased the asset for an undisclosed sum.
Headquartered in College Park, Georgia, Chick-fil-A was founded in 1946 and has grown to include more than 2,400 stores in 47 states and Washington, D.C. It is the third-largest restaurant chain in the United States in terms of sales. The Sugar Land location was constructed in 1996 and renovated in 2017. Situated on 1.08 acres at 2330 Highway 6, the retail building is within the Market at Town Center, a 2,265-acre, master-planned development and employment center in Sugar Land. The property is surrounded by 1,655 multi-housing units, three hospitals, three million square feet of office space and 4.2 million square feet of retail space.
The JLL Capital Markets team representing the seller was led by senior managing director Brad Peterson, senior director Whitaker Leonhardt, directors Michael Brewster and John Indelli and Analysts Tommy Isola and Aziza Rehmatulla.
“Chick-fil-A is special because of its excellent product, top-notch customer service and high-volume drive throughs,” Brewster said. “It’s no surprise that the company maintains such strong operations because its franchisee selection process is 30 times more selective than Harvard admissions.”