New York, New York, April 22, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 5,000-square-foot, freestanding Chick-fil-A restaurant. The single-tenant property is located at 6390 Mayfield Road in Mayfield Heights, Ohio.
The building was sold by New York and Hartford, Connecticut-based developers Hornig Capital Partners, BND Holdings, and Hutensky Capital Partners. They were represented by David Bailey, Associate Director in Stan Johnson Company’s New York office along with cooperative broker Jeff McKinney, Associate Director.
“Chick-fil-A continues to be a very popular tenant for net lease buyers, especially those in a 1031 exchange,” said Bailey. “Our comprehensive marketing process delivered a number of near-ask offers, and the result was a very happy developer client.”
The property was purchased by an individual investor based in suburban St. Louis, Missouri. The buyer was represented by Paul Fusz of CBRE.
Located 12 miles east of Cleveland, Ohio, the newly constructed property boasts a double drive-thru and is strategically located at the entrance of the recently renovated Golden Gate shopping center. The property sold on April 5, 2019 for $3.4 million, or roughly 99 percent of its list price.