The site of a new Chick-fil-A under construction in Riverview is already up for sale, with an asking price just shy of $5 million.
The roughly 5,200-square-foot restaurant is being built on 1.67 acres at 10509 County Road 672, at the southeast corner of Balm Road and U.S. 301. Ponte Vedra Beach-based Ferber is developing the property alongside McDonald’s, Dutch Bros and Discount Tire.
Chick-fil-A has signed a 15-year lease starting at $213,000 a year, with rent increasing 10% every five years. The company also has eight five-year options to extend the lease, which could keep the restaurant at the site for up to 55 years.
After about $8,000 in annual expenses, the property is expected to generate $205,000 a year for its owner, according to marketing materials. At the $4.999 million asking price, that represents a 4.1% cap rate.
Selling the property would not change Chick-fil-A’s plans for the restaurant. The buyer would become Chick-fil-A’s landlord and collect rent under the existing lease.
SRS Real Estate Partners brokers Patrick Nutt and Tampa-based William Wamble are marketing the property. The restaurant’s opening date has not been announced.