Corporate absolute NNN ground leases backed by the highest-volume restaurant brand in fast food, and why they trade at some of the lowest cap rates in net lease.
A Chick-fil-A NNN property is almost always an absolute NNN ground lease: you own the land, and Chick-fil-A builds and owns a freestanding restaurant with a high-capacity drive-thru. New leases typically run 15 years with 10% rent increases every five years and essentially zero landlord responsibilities. Unlike most restaurant brands, the lease is signed by Chick-fil-A, Inc. (corporate), not the local operator. With more than 3,200 restaurants and estimated average sales of about $7.7 million per restaurant in 2025, Chick-fil-A is one of the most sought-after tenants in net lease, and it trades at some of the lowest cap rates in the market. Price points from about $2 million to over $7 million in top markets make it a popular 1031 exchange property.
Solid Investments FL is a NNN buyer’s brokerage with 21+ years in net lease and 225+ transactions. We help buyers find, underwrite and close Chick-fil-A ground leases nationwide, and our buyer representation is always free to you.
| Tenant | Chick-fil-A, Inc. (corporate), not the local operator; confirm on each lease |
|---|---|
| Headquarters | Atlanta, Georgia |
| Ownership & credit | Privately held by the Cathy family; no public credit rating |
| Restaurants | 3,200+, nearly all run by independent local operators |
| Sales | About $23.9 billion in U.S. systemwide sales and $7.7 million average per restaurant (2025 estimates) |
| Typical lease term | 15 years with multiple 5-year options |
| Lease type | Absolute NNN ground lease; tenant owns the building |
| Rent increases | Typically 10% every 5 years |
| Typical cap rate (2026) | About 3.75%–4.5% |
| Typical price range | About $2M–$7M+; top-market locations at the high end |
Restaurant counts and sales are 2025 estimates (QSR 50, 2026). Cap rates and pricing reflect current market conditions and vary by deal.
Chick-fil-A’s operators don’t sign the lease. Chick-fil-A, Inc. does. That corporate backing, combined with the brand’s sales, is why these leases trade at premium pricing. Confirm the tenant entity on every lease.
You own the land only; Chick-fil-A owns the building. It’s about as passive as real estate gets, with no landlord responsibilities, but there’s no building to depreciate. The land is your long-term security.
New Chick-fil-A ground leases trade around 3.75% to 4.5%. Compare deals on rent per acre, rent relative to store sales, and the underlying land value, not just the headline cap rate.
High volume is the brand’s hallmark, and stacking matters. Sites with dual drive-thru lanes, room for stacking and easy access handle the traffic and keep neighbors and cities happy.
Chick-fil-A is privately held and has no public credit rating, so investors rely on its size, sales and track record rather than an agency rating.
Most new leases include 10% increases every five years. Check when the next bump hits; it affects both your income and your resale value.
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, with 21+ years in net lease and 225+ transactions. We help investors and 1031 exchange buyers find, underwrite and close Chick-fil-A ground leases nationwide, and our buyer representation is free.
As of 2026, new Chick-fil-A ground leases generally trade between about 3.75% and 4.5% cap rates, among the lowest of any restaurant tenant, reflecting the corporate lease, strong sales and passive ground lease structure.
Chick-fil-A leases are typically signed by Chick-fil-A, Inc., the corporate entity, not by the local operator who runs the restaurant. Always confirm the tenant entity on the lease you are buying.
Almost always. Chick-fil-A typically ground leases the land and builds and owns the restaurant itself, so the investor owns only the land under an absolute NNN ground lease with no landlord responsibilities.
No. Chick-fil-A is privately held and does not have a public credit rating from S&P or Moody's. Investors rely on its scale, sales and long operating history instead.
Most new Chick-fil-A ground leases sell for about $2 million to $7 million or more, with high-volume locations in top markets at the upper end, depending on rent, location and lease terms.
Generally not. With a typical Chick-fil-A ground lease you own only the land, which is not depreciable. Confirm with your CPA.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
Tell us your budget and timeline. We’ll show you on- and off-market Chick-fil-A options, and our buyer representation is completely free.
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