Restaurant

Sonic Drive-In (15 Yr Sale Leaseback)

321 S Greeno Rd, Fairhope, AL 36532

Listing Price: $2,296,700

Cap Rate
6.00%
Tenant Name
Sonic Drive-In
Guarantor
Regional Franchisee
Rentable SF
1,440
Lease Type
Absolute Net
Rent Per Square Feet
$95.70

Investment Overview

Marcus & Millichap, as exclusive agent to the seller, is pleased to present the opportunity to purchase a Sonic Drive-In located at 321 South Greeno Road in Fairhope, Baldwin County, Alabama. The offering is structured as a sale-leaseback with the operator willing to sign a 15-year absolute triple-net lease at close of escrow. Rent is based off of 8 percent of the trailing 12 months of sales. The lease will feature 10 percent rent increases every five years in both the base term of the lease along with the five, five-year options. The property has been operating as a Sonic since 1994 when the property was constructed. The Fairhope store is a high performing unit and store sales have been trending higher for the past three years. The current operator is McClain Sonic Group, which operates over 100 units in Alabama, Mississippi and Florida.

Investment Highlights

  • New 15-Year Absolute Triple-Net Lease Commencing at Close of Escrow
  • Operated by McClain Sonic Group, 101-Unit Operator with Stores in AL, MS and FL
  • Located in fastest growing city and county in the State of Alabama

Exclusively Listed By

Restaurant

Sonic Drive-In (15 Yr Sale Leaseback)

Listing Price: $2,296,700

Cap Rate
6.00%
Tenant Name
Sonic Drive-In
Guarantor
Regional Franchisee
Rentable SF
1,440
Lease Type
Absolute Net
Rent Per Square Feet
$95.70

Investment Highlights

  • New 15-Year Absolute Triple-Net Lease Commencing at Close of Escrow
  • Operated by McClain Sonic Group, 101-Unit Operator with Stores in AL, MS and FL
  • Located in fastest growing city and county in the State of Alabama

Investment Overview

Marcus & Millichap, as exclusive agent to the seller, is pleased to present the opportunity to purchase a Sonic Drive-In located at 321 South Greeno Road in Fairhope, Baldwin County, Alabama. The offering is structured as a sale-leaseback with the operator willing to sign a 15-year absolute triple-net lease at close of escrow. Rent is based off of 8 percent of the trailing 12 months of sales. The lease will feature 10 percent rent increases every five years in both the base term of the lease along with the five, five-year options. The property has been operating as a Sonic since 1994 when the property was constructed. The Fairhope store is a high performing unit and store sales have been trending higher for the past three years. The current operator is McClain Sonic Group, which operates over 100 units in Alabama, Mississippi and Florida.

Exclusively Listed By

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