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Making “mor chikin”? Chick-Fil-A pays $51M for Weston warehouse
Fast food chain will use 207K sf facility for supply and distribution
Chick-Fil-A is boosting its fowl fast food distribution in South Florida after acquiring a Weston warehouse for $50.5 million.
An affiliate of the Atlanta-based chain bought the 207,335-square-foot facility at 3225 Meridian Parkway that was completed in 1995, records show. The deal breaks down to $244 per square foot.
The seller, a fund managed by Boston-based Cabot Properties, paid $30 million for the 15.8-acre industrial site in 2019, records show. The property is in the Weston Park of Commerce.
The purchase marks Chick-fil-A’s first acquisition of a South Florida warehouse to supply and distribute food to its restaurants in Miami-Dade, Broward and Palm Beach counties. The fast food chain, led by CEO Andrew Truett Cathy, owns nine other distribution centers in the Midwest and South U.S.
In 2020, Chick-Fil-A entered the South Florida market by announcing it would open seven restaurants in the region. Since then, the company has opened 47 Chick-fil-A outlets in Miami-Dade, Broward and Palm Beach counties.
Industrial trades in South Florida remain steady. Last month, EQT Exeter, a Radnor, Pennsylvania-based real estate investment trust, acquired a warehouse and office building in Doral for $14.5 million.
In January, Boston-based Longpoint Partners paid $30 million for six industrial facilities near Medley and Doral. The buildings have a combined 126,050 square feet of warehouse space.
The same month, Coral Gables-based ComReal sold Lakes Edge Innovation Center, an 80,158-square-foot warehouse in Doral. Aventura-based real estate investor Sebastian Guejman paid $17.5 million for the property.
Also in January, a joint venture between Baltimore, Maryland-based ABR Capital, and Darien, Connecticut-based East Capital Partners paid $38.5 million for six industrial warehouses and two office buildings near Medley. Miami-based Cofe Properties sold the portfolio.
In the fourth quarter, the industrial market in Miami-Dade, Broward and Palm Beach counties had vacancy rates of 3.2 percent, 3.5 percent and 4.2 percent, respectively, according to a CBRE report. The average asking rent in the tri-county region was about $15.60 per square foot.