Penitas, TX - 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, freestanding, Sonic investment property located in Penitas, Texas. The tenant, Crush TX, LLC recently signed a brand new 20-year lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7.5% rental increases every 5 years throughout the lease 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 asset is scheduled to be completed and open in mid July.

The property is located near U.S. Highway 83, which averages 55,900 vehicles passing by daily and is a major commuter thoroughfare serving the city of Penitas. The site features brand new construction using high quality materials with modern amenities and design. The Sonic is an outparcel to a Walmart Supercenter anchored center that helps attract many consumers in the local area. Additionally, the asset is positioned just southeast of the Villas at Penitas Apartments, a 128-unit multi-family complex. Furthermore, Sonic is situated in a developing fast food area with a wide variety of tenants including Wingstop, Panda Express, Chick-fil-A, Starbucks, and more helping draw consumer traffic into the area. The property is in the center of a primary retail corridor with other nearby national/credit tenants including H-E-B, Dollar General, Dollar Tree, Walgreens, AutoZone, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 45,000 with an average household income of $57,905.