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Dickinson, TX - Sonic Drive-In
169 FM 517 W | Dickinson, TX 77539
$1,636,000
Price5.5%
Cap Rate$90,000
NOI1,657
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, Sonic Drive-In investment property located in Dickinson, Texas (Houston MSA). The tenant, Dickinson SDI, LLC, executed a 10-year lease extension in October 2021 providing for an initial term through 2031 with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. By the end of 2019, Sonic Drive-In moved to 13th in QSR Magazine’s ranking of the top 50 quick-service and fast-casual restaurant brands in the nation. As of June 2020, Sonic operates 3,588 drive-in restaurants across 46 states.
Location
Sonic Drive-In is strategically located along Interstate 45, a major commuter thoroughfare averaging 74,600 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and a large pylon sign along Farm to Market Road 517. The asset is ideally situated just 2 miles south of Victoria Lakes Town Center, a 370,000 square foot shopping center comprised of a variety of nationally recognized tenants including Walmart Supercenter and Lowe’s Home Improvement, making it one of the most popular retail destinations in the area. Other nearby national/credit tenants include The Home Depot, Target, Kohl’s, T.J. Maxx, Michaels, Ross Dress for Less, and more, significantly increasing consumer draw to the immediate trade area and promoting crossover store exposure for the site. In addition, the quick-service restaurant is surrounded by several apartment complexes including Creekside (294 units), Dickinson Arms (96 units), and Bahia Cove (248 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by more than 111,000 residents and 29,000 daytime employees with an affluent average household income of $111,000.