Sonic Drive-In has a brand new 15 year Absolute NNN lease with 7.0% rental escalations every 5 years with two 5 year renewal options. The lease guarantor, PVG Restaurant Group, LLC, is the largest Sonic franchisee in the Atlanta DMA operating 31 Sonic locations throughout Georgia and South Carolina. This subject property has been open for business since 2008 with an attractive 6.68% rent-to-sales ratio. The building was recently remodeled in 2017, updating the entire store including the POS system digital boards, restrooms, LED lighting and more, costing the tenant approximately $120,000.
Sonic is located in Atlanta, Georgia, on Moreland Ave with high drive-by visibility. The subject property is 5 miles from Georgia State University (a public research university with a total enrollment of 32,464), 7 miles from Georgia Tech aka Georgia Institute of Technology (a public research university with a total enrollment of 26,839), and 4.5 miles from Wellstar Atlanta Medical Center. Surrounding retailers include ALDI, Dollar Tree, dd’s Discounts, O’Reilly Auto Parts, CVS Pharmacy, Advance Auto Parts, AutoZone, Piggly Wiggly, Dollar General, Citi Trends, Kroger, Family Dollar, etc.
*In Association With: Summit Real Estate