Centre, AL - Sonic

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, guaranteed by Soar QSR (191+ unit operator) Sonic investment property located in Centre, Alabama. Soar QSR is the 3rd largest Sonic franchisee and will sign a brand new, 20-year
lease at the close of escrow (sale-leaseback) with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.

The Sonic is located near the intersection of West Main St/US Highway 411 and State Highway 68 which combine to average over 27,200 vehicles passing by daily. West Main Street, is the major retail thoroughfare serving the city of Centre. The Sonic is in close proximity to an Ingles anchored center that also features national/credit tenants including Taco Bell, T-Mobile, Pizza Hut, and Huddle House. The asset is near a 160,000+ SF Walmart Supercenter. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Tractor Supply Co, Pic’n Sav, Dollar General, Advance Auto Parts, Wendy’s, KFC, Take 5 Car Wash, Verizon, O’Reilly Auto Parts, NAPA Auto Parts, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 7,900 residents and 4,200 employees with an average household income of $72,349.