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Sonic

Allen, Texas

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Marcus & Millichap is pleased to present the exclusive listing for the Sonic located at 707 East Main Street in Allen, TX. The site will consist of roughly 1,164 rentable square feet of building space on estimated 0.99-acre parcel of land. The Sonic is subject to a 20-year absolute triple-net (NNN) sale-leaseback, which will commence upon close of escrow. The initial annual rent will be $138,176 and is scheduled to increase by one-and-a-half percent (1.50%) annually starting year six (6) throughout the base term and in each of the four (4), five (5)-year renewal options.

About the Investment
20-Year Absolute Triple-Net (NNN) Sale-leaseback
Franchisee Guarantee from AFG SR OP I, LLC (25 Units)
1.50% Annual Rental Increases Starting Year Six (6)
Four (4), Five (5)-Year Tenant Renewal Option Periods

About the Location
Dense Retail Corridor | Surrounded By Dairy Queen, Chicken Express, CVS, Walgreens, Subway, KFC, 7-Eleven, Dollar Tree, and More
Strong Demographics | Average Annual Household Income Exceeds $120,000 for Homes within Three Miles of the Subject Property
Large Student Presence | About 5,400 Students Attend Allen High School, 1,800 Students attend Lowery Freshman Center, 54,000 Students Attend Collin College (All within Five Miles of the Subject Property)
Located about 30 Minutes North of Downtown Dallas and Dallas-Fort Worth Airport
Adjacent to Lowery Stadium and Nearby Allen High School, Allen ISD Performing Arts Center, Eagle Stadium, and The Edge at Allen Station Skateboard Park
Conveniently Located About Five Minutes Away from Celebration Park, Which Features Events, Hiking Trails, Large Open Picnic Fields, and a Children’s Water Play Area
Compelling Business Incentives | Located in the Income Tax-Free State of Texas

About the Brand
Sonic Drive-In Opened Their First Restaurant in 1953 and Now Maintains More Than 3,600 Drive-In Restaurants
Sonic Continues to Thrive | Maintenance of Strong Real Sales Growth, Industry-Leading Customer Frequency, and High Returns for Stockholders
Rated Top QSR Restaurant Chain in 14 States Amidst Covid-19 Pandemic

Key Details

Price:
$2,763,511
Cap Rate:
5.00%
Annual Rent:
$138,176
Address:
707 E. Main Street, Allen, Texas 75002
Property Type:
Net Leased Quick Service Restaurant
Lease Type:
Absolute Triple-Net (NNN)

Original Lease Term:
20 Years
Lease Commencement:
Close of Escrow
Lease Term Remaining:
20 Years
Rental Increases:
1.50% Annually Starting Year Six (6)
Lot Size:
+/- 0.99 Acres
Building Size:
1,164 SF
Year Built:
1981
Year Renovated:
1995
Tenant:
Sonic

Broker of record

Tim Speck

License: 9002994


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