Sonic Drive-In

Greenwood, SC

Price $1,886,000
Cap Rate 6.15%
TYPE Single-Tenant
STATUS Available
Tenant Sonic Drive-In
LEASE TYPE Absolute NNN
SQUARE FEET 1,463
PRICE/SQ FT $1,289
YEAR BUILT 1994
LEASE EXP. 2032
LISTING AGENT Justin Zahn
480-214-5088 x102
justin@ciadvisor.com

Property Description

Sonic Drive-In is a quick service, drive-in restaurant with a brand new 15 year Absolute NNN Lease offering 7% rental escalations every 5 years. Sonic Corporation is the nation’s largest drive-in restaurant chain serving approximately 3 million customers every day. The high quality food and drinks, combined with their one of a kind carhop delivery service style, positions them as the most highly differentiated concept in the quick service restaurant category. The tenant, PVG Restaurant Group, is the largest Sonic franchisee in the Atlanta DMA and is an experienced 27 unit operator in Georgia and South Carolina with the tenant/lease guarantor encompassing 18 restaurant locations.

The subject property is located in Greenwood, South Carolina, on Bypass 72 NE on the main retail corridor and has successfully been open for business since 1994 with an attractive 7.25% rent-to-sales ratio. Sonic is surrounded by national retailers: Save-A-Lot, BI-LO, Walmart, Kmart, Hobby Lobby, Big Lots, Publix Super Market, Lowe’s Home Improvement, PetSmart and Kohls.

*In Association with: Langston Black

Property Highlights

  • New 15 Year Absolute NNN Lease Offering 7% Rental Escalations Every 5 Years
  • Tenant/Lease Guarantor Encompassing 18 Restaurant Locations
  • Pending Remodel: Tenant is Spending $80-$90K to Upgrade Bathrooms, Lighting, Parking Lot, External Building, New Patio Tables & Technology (POPS, POS & Audio) – Construction Starting Winter 2017
  • Operator: PVG Restaurant Group - Largest Sonic Franchisee in the Atlanta DMA & Experienced 27 Unit Operator in Georgia and South Carolina
  • Includes a Drive Thru | Open for Business since 1994 with Attractive 7.25% Rent-to-Sales Ratio!
  • Demographics (5 Mile Ring): Total Population: 46,389 | Average HH Income: $53,146