Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for the Sonic Drive-In restaurant and Lamar Billboard located 55 Newbury Street in Peabody, MA. The property was built in 2009 and consists of approximately 2,400 rentable square feet on roughly 1.11 acre of land. The property is subject to a brand new 15-year triple-net (NNN) Sonic lease that is set to expire on August 31, 2035. This Sonic restaurant is a top 10 performer in the entire chain and top 1% on Placier.ai. The lease is subject to 5% rental increases at the start of each of the three, five-year tenant renewal periods. In addition to the Sonic income, the property contains a billboard leased to The Lamar Companies. The billboard lease is subject to a 25-year triple-net (NNN) lease with roughly 20.25 years remaining and 10% rental escalations every five years. The Lamar Companies is a publicly traded company (LAMR) with more than $1.7B of revenue and has more than 351,000 displays across North America. Additionally, Lamar has the largest network of digital billboards in the United States with more than 3,900 displays.