Boaz, 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 Boaz, 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 hard corner intersection of US Highway 431 and Newt Parker Dr which combine to average over 18,800 vehicles passing by daily. US Highway 431 is the major retail thoroughfare serving the city of Boaz. The Sonic is adjacent to a Walmart Supercenter anchored center that also features national/credit tenants including Little Caesars, Cricket, and Murphy USA. The asset is in close proximity to Marshall Medical Center South (155 Beds). In addition, Sonic is also near Boaz High School as well as Boaz Middle School that combine to have over 1,200 students. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Harbor Freight, bealls, Piggly Wiggly, McDonald’s, Taco Bell, GameStop, Advance Auto Parts, Scooter’s Coffee, Zaxby’s and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 31,500 residents and 13,900 employees with an average household income of $70,708.