Sonic Drive-In Adairsville,Georgia

$1,210,000
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $1,210,000
  • Cap Rate: 5.00%
  • Rentable Square Feet: 1,227
  • Annual Rent: $60,500
  • Year Built: 2021
  • Lease Guarantor: SRI Operating Company
  • Lease Type: NNN Ground Lease
  • Lease Term:: 15 Years
  • Rent Increases: 10% in Base Term / 8% in Options
  • Lease Expiration: 12/31/2037 est.

Description

21 Eagle Parkway
Adairsville, GA 30103

Investment Highlights

  • Brand New, 15-Year, NNN Ground Lease with Four, Five-Year Tenant Renewal Options
  • Building Size is 1,227 SF of Rentable Retail Space With an Outdoor Seating Area of an Additional 700 SF
  • 10 Percent Rent Increases Every Five Years During Base Term and Eight Percent Increases Every Five Years in Option Periods
  • Brand New Location Currently Under Construction; Anticipated Opening Date of January 15, 2022
  • Part of the Atlanta Metro With a Population of Roughly 5.9 Million People and is Projected to Exceed 6.2 Million People During the Next Five Years

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a new Sonic Drive-in in the Atlanta MSA. This is a brand-new location currently under construction with an anticipated opening date of January 15, 2022.This Sonic offers a new, 15-year, triple net ground lease with four, five-year tenant renewal options. There are 10 percent rent increases every five years in the base term, and eight percent every five years in each option periods. The building will consist of 1,227 square feet of rentable retail space and an outdoor seating area of an additional 700 square feet.

Sonic Drive-In opened their first restaurant in 1953 and now maintains more than 3,600 drive-in restaurants with more than 9,600 employees. Sonic was rated as a top QSR restaurant chain in 14 states amidst the covid-19 pandemic. Sonic increased sales by over $1 billion during the pandemic and experts credit the chain’s drive-in model and broad menu for its success.

The Subject Property is an outparcel to a Food Lion-anchored center. This Sonic is one mile from Interstate 75, which is a major roadway in the area with more than 84,500 vehicles daily, connecting 60 miles South to Atlanta. The immediate area has seen industrial growth with a new 1.1 million-square-foot warehousing project on 74 acres, bringing more jobs to the area. This project is estimated to have a value at completion of approximately $55 million and generate close to $700,000 in new tax revenue annually.

The Subject Property, located in Adairsville, Georgia, is part of the Atlanta metro area. This metro has a population of roughly 5.9 million people and is projected to exceed 6.2 million people during the next five years. The Atlanta metro also places among the highest in the nation for job growth with more than 328,900 jobs added in the last five years.


John Leonard

Broker of Record

P: (678) 808-2700

License: 252904

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