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Views: 41 DOM: 24 Updated: 10.03.24 Posted: 09.24.24 Status: Active

Summary

Price $2,381,000
Built/Renov 2024
Tenant Sonic Drive-In
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Corp Rated
Size/SF 1,246
Lease Start 12-01-2024
#Units 3,514
Price/SF $1,910.91
Expiration 11-30-2044
Tenant Type Fast Casual/Rest.
NOI $125,000
R. Term 20.1
Ownership Fee Simple
Rent/SF $100.32
Increases 10.0%/5/yrs
Pop 5Mi 10,353
Lot/AC 1.15
Options 4/5yrs/10%
AHHI 5Mi $96,421

Lease Highlights

  • Brand new 2024 construction
  • New 20-year lease with 4 (5-year) options to extend
  • The lease features 10% rental increases throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Sonic Drive-In is strategically located on Merchants Avenue, with access to 20,100 vehicles passing by daily. The property features excellent visibility through significant street frontage and a large pylon sign, along with multiple points of ingress and egress. It is ideally situated in a dense retail corridor with prominent national tenants, including Aldi, Home Depot, AutoZone, O’Reilly...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Sonic Drive-In
  • Guarantor:Corp Rated
  • Company:Inspire Brands, Inc.
  • # Units:3,514
  • Tenant S&P: B+
  • Moody’s: B2
  • Stock:Private

About Tenant

Sonic Corporation, founded as Sonic Drive-In and more commonly known as Sonic or "The Drive-In," is an American drive-in fast food restaurant chain owned by Inspire Brands, the parent company of...


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Listing Broker

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