Rainbow City, 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 Rainbow City, 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 Rainbow Drive and State Highway 77 which combine to average over 53,700 vehicles passing by daily. US Highway 431 is the major retail thoroughfare serving the city of Rainbow City. The Sonic is directly across from Rainbow Plaza Shopping Center, a Dollar Tree anchored center, that also features national/credit tenants including PNC Bank, GNC, and America’s Thrift Store. The asset is in close proximity to a Winn-Dixie anchored center with other national/credit tenants such as H&R Block and Post Net as well as several local tenants. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Publix, Dollar General, CVS, Wendy’s, Popeyes, Dunkin’, Walgreens, Advance Auto Parts, and more, further increasing consumer traffic to the site. The immediate trade area is supported by a population of over 47,000 residents and 29,600 employees with an average household income of $95,414 within three miles.