Sonic Drive-In - Sale Leaseback - 20 Years

Sonic Drive-In - Sale Leaseback - 20 Years

New 20 Year Absolute Net Lease Signed at Escrow
Zero Landlord Responsibilities | Franchise Guarantee
Superb Location | WalMart Supercenter | Main Retail Corridor
Four - Five Year Options | One Percent Annual Increases
Rent Set Using 8.5 Percent Rent to Sales Ratio
Franchise Operator | Operates Sonic (1) and Subways (12)

Drive Thru Concept is Ideal for Social Distancing | Record Sales During Pandemic


4851 East Prosperity Place, Decatur, IL 62521

* Sale Price $1,658,000

* Sold at 98% of List

* Closed in 57 Days

Market Summary

Price                               $1,700,000

Cap Rate                        6.00%

NOI                                 $102,000 

Rentable SF                   2,339 SF

Price per SF                   $726.81

Year Built                        2016

Lot Size                          .91 Acres

Description

Marcus & Millichap is pleased to present the sale/leaseback of the Sonic Drive-In located at 4851 East Prosperity Place in Decatur, Illinois. This location is the only dine-in Sonic, in Illinois. This allows for an increase in consumer foot traffic. The current owner of the store has one Sonic and twelve Subway stores. There will be a personal guarantee for the lease.

Sonic Corp., more commonly known as Sonic, is the operator of an American drive-in fast-food restaurant chain that is owned by Inspire Brands, the parent company of Arby's and Buffalo Wild Wings. As of August 27, 2018, 3,606 Sonic restaurants are located in 46 U.S. states. Known for its use of carhops on roller skates, the company annually hosts a competition (in most locations) to determine the top skating carhop in its system.

During the Corona Virus pandemic, it is reported that Sonic ranks among the top restaurants for people to enjoy a meal outside their home. With the Sonic format, people can remain safely in their vehicles with the people they quarantine with. According to www.eatthis.com, it is the most popular restaurant in 14 states.

https://www.eatthis.com/fast-food-state-coronavirus/