Troy, MI - Sonic

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, 90+ unit entity guaranteed, Sonic investment property located in Troy, Michigan. The tenant, Soar QSR, will sign a brand new 20-year lease that will commence 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 option periods, 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 property is located at the hard corner, signalized intersection of E 14 Mile Road and John R Road, which combine to average over 79,900 vehicles passing by daily. Sonic is positioned as an outparcel within Oakland Plaza, a 297,000 square foot shopping center anchored by T.J. Maxx and includes national/credit tenants such as Planet Fitness, Michaels, Burger King, and others. Additionally, the asset is located across the road from Oakland Mall, a 1,250,000+ square foot shopping mall anchored by Dick’s Sporting Goods and also includes national tenants such as Macy’s, JCPenney, Hobby Lobby, Foot Locker and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Target, Harbor Freight, HomeGoods, Best Buy, and more, further increasing consumer traffic to the site. Moreover, the subject property is in close proximity to Lamphere High School with over 800 students, providing a direct consumer base from which to draw. The 5-mile trade area is supported by a population of over 298,796 residents and 228,965 daytime employees. Residents within a 5-mile radius boast an affluent average household income of $115,066.