SRS Real Estate Partners Brokers $14.95 Million Sale of Vienna, Virginia Retail Property Anchored by Chick-fil-A and Flagship Carwash

SRS Real Estate Partners has brokered the $14.95 million sale of a two-tenant retail property at 540 Maple Avenue East in Vienna, Virginia, the firm announced July 31. The transaction involved a fully occupied, two-story building anchored by Chick-fil-A on the ground floor with a drive-thru and Flagship Carwash operating a full-service facility on the second floor.

Deal Details and Parties

SRS Capital Markets Executive Vice President and Managing Principal Andrew Fallon and First Vice President Philip Wellde represented the seller, the original developer of the property. The buyer was a local private investor. The property, built in 2019 and situated on 1.19 acres, was 100% occupied at the time of sale.

The listing came to market in spring 2026 and went under contract quickly, moving from listing to close in less than four months. The deal attracted interest from a range of investors including high-net-worth individuals and 1031 exchange buyers.

"Everyone knows this property. As a net lease investment offering, the asset attracted significant interest from a wide range of investors including high-net-worth and 1031 exchange buyers seeking a high-quality property with long-term passive income and a building that has tax-efficient components," said Fallon.

"The combination of durable tenancy, minimal management responsibilities, and bonus depreciation associated with the car wash improvements drove a highly competitive marketing and bid process. The listing hit the market in the Spring and was quickly put under contract, going from listing to sold in less than four months," he added.

Asset Profile and Location

The property sits along Maple Avenue, also known as Route 123, Vienna's primary commercial corridor, approximately 15 miles from Washington, D.C. The site benefits from direct frontage on Maple Avenue and regional highway access via I-495, I-66, and U.S. Route 50. More than 292,000 residents and 230,000 daytime employees live or work within a five-mile radius of the property.

The two-story configuration — with Chick-fil-A occupying the ground floor and Flagship Carwash operating on the second floor — represents an uncommon structural arrangement for a retail net-lease asset. The property was developed in 2019 and sits on a 1.19-acre infill site in the heart of Vienna, within Fairfax County, one of the wealthiest counties in the United States.

"Vienna continues to solidify its position as one of Northern Virginia's most desirable communities. The dense retail corridor along Route 123 attracts premier national brands with its affluent consumer base and exceptional traffic volumes," said Wellde. "The combination of Chick-fil-A and Flagship Carwash, along with the property's iconic design and irreplaceable location, makes this one of the most distinctive retail assets in the trade area."

Investment Thesis: Tax Efficiency and Net-Lease Demand

Fallon cited the asset's tax-efficient components as a key driver of investor demand, specifically referencing bonus depreciation associated with the carwash improvements. Specialty-use improvements such as carwash equipment and certain building systems can qualify for accelerated depreciation, allowing investors to shelter income more aggressively in early years — a profile particularly relevant for high-net-worth and 1031 exchange buyers.

The combination of long-term net leases, minimal management obligations, and the tax-advantaged structure of the carwash component contributed to a competitive bidding process. Both tenants — Chick-fil-A and Flagship Carwash — represent necessity-based, drive-to service uses with business models dependent on high customer throughput, aligning with investor demand for durable, cash-flowing retail in an infill location.

In Northern Virginia, entitlement and redevelopment of drive-through and auto-service uses have grown more complex over time, increasing the value of existing approved sites. The scarcity of comparable new inventory with high-profile national tenancy and drive-thru access reinforces the pricing and competitive interest the property generated.

SRS Capital Markets Activity

SRS Real Estate Partners reported that its Capital Markets division has completed more than $1.6 billion in deal volume across more than 400 transactions nationally in 2026. The firm currently has more than 900 properties actively on the market with a combined market value exceeding $4.3 billion.

Founded in 1986 and headquartered in Dallas, SRS Real Estate Partners operates 30 offices nationwide, providing commercial real estate services across retail, industrial, and capital markets.

Sources

SRS Real Estate Partners Press Release — Trophy Retail Asset Anchored by Chick-fil-A and Flagship Carwash in Vienna, Virginia Sells for $14.95 Million