Sonic Drive-In has a brand new 15 year Absolute NNN lease with 7.0% rental escalations every 5 years and three 5 year renewal options. This property has 2 lease guarantors, RLGH Holdings, LLC and ACW Holdings, LLC, together having a combined 15 unit guaranty with experienced Sonic Franchisee. Sonic has been open for business since 2003 with an attractive 8.50% rent to sales ratio and was recently remodeled in 2017 with new paint and LED lighting, costing the tenant approximately $30,000.
Sonic is located in Milledgeville, Georgia, in the dominant retail corridor. The subject property is 1.5 miles from Georgia College & State University, a public liberal arts university w/ over 6,040 students, and is 2 miles from Georgia Military College, divided into the junior college, a military junior college program, high school & middle school w/ 8,260 undergraduate students. Sonic is also 1 mile from Oconee Regional Medical Center. Nearby retailers include Lowe’s Home Improvement, Tractor Supply Co., Hibbett Sports, Hobby Lobby, O’Reilly Auto Parts, Food Depot, Bealls Outlet, ALDI, Belk, T.J. Maxx, OfficeMax, AMC Theatres, Dollar General, CitiTrends, CVS Pharmacy; 2 miles from Walmart, Tractor Supply Co., etc.
*In Association With: Summit Real Estate