Investment Overview

Tenant Overview For more than 60 years, SONIC, America’s Drive-In has built a dominant position in the drive-in restaurant business. We did it by sticking to what made drive-ins so popular in the first place: made-to-order American classics, signature menu items, speedy service from friendly Carhops and heaping helpings of fun and personality. SONIC is part of the Inspire Brands family of restaurants. Franchise Overview The franchisee group was established by Andrew Patrick Wendt in 2016 following the sale of his restaurant and live music venues in North Texas in 2015. The group-initiated construction on a Sonic Drive-In located at 2312 N Roosevelt Blvd in Key West, Florida, with the groundbreaking originally scheduled for October 2017. However, the project faced an eight-month delay due to the impact of Hurricane Irma, which made landfall in the Florida Keys shortly before the scheduled groundbreaking. Once recovery efforts were completed, construction resumed, and the drive-in opened to the public on September 1, 2018. On May 10, 2019, the company successfully negotiated the acquisition of four additional locations in South Florida. This strategic move allowed for favorable development agreements with Sonic Corporate, granting exclusive development rights over a significant portion of South Florida, coupled with a unique fee structure that supports future growth in the Florida market. After experiencing rapid expansion, growing from zero to five locations within a year, the company made a strategic decision to focus on operational efficiencies and temporarily pause new openings.