SONIC DRIVE-IN Colonial Heights, VA - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
SONIC
DRIVE-IN
Colonial
Heights, VA
457 CHARLES H DIMMOCK PARKWAY
COLONIAL HEIGHTS, VIRGINIA 23834
SONIC DRIVE IN | COLONIAL HEIGHTS, VIRGINIA
ON MARKET:
SONIC DRIVE-IN IN COLONIAL HEIGHTS, VIRGINIA.
15+ Years Remain on Absolute-Net Lease with Zero Landlord Responsibilities
15+ FOUR, FIVE-YEAR OPTIONS TO EXTEND
Guaranteed by Saja Capital Management, Limited Liability Company (LLC)
REGIONAL FRANCHISEE OPERATING NINE UNITS
Hedge Against Inflation
ONE AND A HALF PERCENT ANNUAL RENT INCREASES
Signalized Hard Corner Location
INTERSECTION OF TEMPLE AVENUE AND CHARLES H DIMMOCK PARKWAY | MORE THAN 47,000 VEHICLES PER DAY
Extremely Dense Trade Area
MORE THAN 2 MILLION SQUARE FEET OF RETAIL IN IMMEDIATE VICINITY | SOUTHPARK MALL AND SOUTH PARK
COMMONS | ANCHORED BY: SAM’S CLUB, WALMART, TARGET, ALDI
Strong Performing Location
SUBJECT PROPERTY BOASTS STRONG UNIT LEVEL FINANCIALS AND RENT TO SALES RATIO
CONTACT LISTING BROKER FOR MORE INFORMATION
Strong Demographics
MORE THAN 38,000 RESIDENTS WITHIN THREE MILES
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
SONIC DRIVE-IN COLONIAL HEIGHTS, VIRGINIA
SONIC DRIVE IN | COLONIAL HEIGHTS, VIRGINIA
FINANCIAL OVERVIEW 457 CHARLES H DIMMOCK PARKWAY
COLONIAL HEIGHTS, VIRGINIA 23834
PRICE $2,374,500
CAP RATE 6.00%
NOI $142,470
PRICE PER SQUARE FOOT $1,484.06
RENT PER SQUARE FOOT $89.04
YEAR BUILT 2006 ANNUALIZED OPERATING DATA
BASE RENT ANNUAL RENT MONTHLY RENT
11/1/2014 11/30/2015 $134,233.00 $11,186.08
APPROXIMATE LOT SIZE 0.91 Acres 12/1/2015 11/30/2016 $136,246.50 $11,353.87 1.50%
12/1/2016 11/30/2017 $138,290.19 $11,524.18 1.50%
12/1/2017 11/30/2018 $140,364.55 $11,697.05 1.50%
GROSS LEASEABLE AREA 1,600 12/1/2018 11/30/2019 $142,470.01 $11,872.50 1.50%
12/1/2019 11/30/2020 $144,607.06 $12,050.59 1.50%
12/1/2020 11/30/2021 $146,776.17 $12,231.35 1.50%
12/1/2021 11/30/2022 $148,977.81 $12,414.82 1.50%
TYPE OF OWNERSHIP Fee Simple 12/1/2022 11/30/2023 $151,212.48 $12,601.04 1.50%
12/1/2023 11/30/2024 $153,480.67 $12,790.06 1.50%
12/1/2024 11/30/2025 $155,782.88 $12,981.91 1.50%
Saja Capital Management, 12/1/2025 11/30/2026 $158,119.62 $13,176.63 1.50%
LEASE GUARANTOR Limited Liability Company (LLC) 12/1/2026 11/30/2027 $160,491.41 $13,374.28 1.50%
12/1/2027 11/30/2028 $162,898.79 $13,574.90 1.50%
12/1/2028 11/30/2029 $165,342.27 $13,778.52 1.50%
LEASE TYPE Absolute-Net 12/1/2029
12/1/2030
11/30/2030
11/30/2031
$167,822.40
$170,339.74
$13,985.20
$14,194.98
1.50%
1.50%
12/1/2031 11/30/2032 $172,894.83 $14,407.90 1.50%
12/1/2032 11/30/2033 $175,488.26 $14,624.02 1.50%
ROOF AND STRUCTURE Tenant Responsibility 12/1/2033 11/30/2034 $178,120.58 $14,843.38 1.50%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
SONIC DRIVE IN | COLONIAL HEIGHTS, VIRGINIA
LEASE SUMMARY
LEASE COMMENCEMENT DATE 11/1/2014
LEASE EXPIRATION DATE 11/30/2034
LEASE TERM 20 Years
TERM REMAINING 15+ Years
INCREASES 1.5 Percent Annually
OPTIONS TO RENEW 4, 5-Year
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
SONIC DRIVE IN | COLONIAL HEIGHTS, VIRGINIA
TENANT OVERVIEW
Sonic Corp., more commonly known as Sonic, is the operator of an American drive-in fast-food restaurant chain based in Oklahoma. What started as a small, local,
trend-reliant burger joint has grown mightily into a large, national, archetypal pillar of the quick service industry. Beginning as not much more than a root beer stand
in small town Oklahoma, Sonic Drive-In has proven that the drive-in restaurant model, unlike its movie theater counterpart, has stood the test of time. While the brand
still embraces its nostalgic character, it doesn’t rely on it as a crutch and has instead continued to establish itself as more than a gimmick. Today, the Sonic brand is
the nation’s largest chain of drive-in restaurants.
As of September 5, 2018, there are 3,606 Sonic restaurants in 45 U.S. states. In 2011, it was ranked 10th in QSR Magazine’s rankings of the top 50 quick-service and
fast-casual restaurant brands in the nation. Known for its use of carhops on roller skates, the company annually hosts a competition to determine the top skating
carhop in its system.
Although Sonic has operated since the early 1950s, Sonic Corp. incorporated in Delaware in 1978. It has its corporate headquarters in Oklahoma City; the headquarters
building features a dine-in Sonic restaurant in an adjacent building. Its stock trades on NASDAQ with the symbol SONC. Company restaurants are owned and operated
by Sonic Restaurants, Inc., a wholly owned subsidiary. Almost 90% of Sonic Drive-In’s are franchised. The franchise offering comes in two different formats: traditional
and non-traditional.
INSPIRE BRANDS ACQUISITION
Inspire Brands, a private equity backed firm that owns Arby’s and Buffalo Wild Wings, is paying nearly 20% more for Sonic than what shares were trading at on
Monday.
Inspire, which also owns Rusty Taco, said that nothing major will change at Sonic though. The chain, which has more than 3,600 locations, will be operated as an
independent brand
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
SONIC DRIVE IN | COLONIAL HEIGHTS, VIRGINIA
ABOUT COLONIAL HEIGHTS
Situated on the Appomattox River in southeastern Virginia, Colonial Heights is strategically located on
Interstate 95 near the intersection of Interstate 85. Colonial Heights is easily accessible to the major markets
of the East Coast, and is located just 20 miles south of Richmond and 120 miles south of Washington, D.C.
The center of “All Things Retail,” Colonial Heights has evolved into a key regional retail destination over
the last twenty years. Colonial Heights presents the only major retail center along Interstate 95 between
Richmond and the North Carolina border, and has a retail trade area population of over 1.1 million.
The City promotes commercial development and the Colonial Heights market offers many profitable
possibilities for retailers and developers.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile
2018 Average HH
2010 Population 1,684 37,557 90,777 2010 Households 701 14,375 33,254 $83,226 $59,086 $59,596
Income
2018 Median HH
2018 Population 1,772 39,303 94,341 2018 Households 739 15,176 34,662 $63,428 $44,255 $46,446
Income
2018 Per Capita
2023 Population 1,822 40,317 96,846 2023 Households 760 15,559 35,551 $34,709 $22,815 $21,896
Income
SONIC DRIVE-IN | COLONIAL HEIGHTS, VIRGINIA
R P S C APIT AL M A NAG EM ENT LLC HE RE BY A DV I S E S A L L P ROS P E CTI V E P URC H ASE R S O F N E T L E ASE D PR O PE R T Y A S FOLLOWS: T he in f or ma t ion c o ntained in the following Ma rke tin g B ro c h u re is p ro p rie ta r y a n d stric tly c o n fid e n tia l . It i s i n t e n d e d t o b e r e v i e w e d o n l y b y t h e p ar t y r e c eivin g it f rom RP S Capital Management LLC a n d sh o u ld n o t b e m a d e a v a ila b le to a n y o th e r p e rso n o r e n t i t y w i t h o u t t h e w r i t t e n co n s e n t o f RP S C ap i t al M a n age me n t LLC. This Mark eting Brochure has b e e n p re p a re d to p ro v id e su mma r y, u n v e rifie d in fo r ma ti o n t o p r o s p e ct i v e p u r ch as e r s , an d t o e s t ab l i s h o n l y a pr e limin ar y le ve l of interest in the subject pro p e rty. T h e in fo r ma tio n c o n ta in e d h e re in is n o t a su b stit u t e f o r a t h o r o u g h d u e d i l i g e n ce i n v e s t i g at i o n . RP S C a p it al M an age me nt LLC has not made any inv e stig a tio n , a n d ma ke s n o w a r ra n ty o r re p re se n ta tio n , w it h r e s p e ct t o t h e i n co m e o r e x p e n s e s f o r t h e s u b j e ct pr ope rt y, t h e f u t u re projected financial perfor ma n c e o f th e p ro p e rty, th e siz e a n d sq u a re fo o ta g e o f th e p r o p e r t y an d i m p r o v e m e n t s , t h e p r e s e n ce o r ab s e n ce of c on t a min a t in g substances, P CB’s or asbesto s, th e c o m p lia n c e w ith Sta te a n d Fe d e ra l re g u la tio n s, t h e p h y s i cal co n d i t i o n o f t h e i m p r o v e m e n t s t h e r e o n , or th e f in a n c ial condition or business prospec ts o f a n y te n a n t, o r a n y te n a n t’s p la n s o r in te n tio n s to c o n t i n u e i t s o ccu p an cy o f t h e s u b j e ct p r o p e r t y. Th e i n for ma t ion con t a ined in this Mark eting Brochu re h a s b e e n o b ta in e d fro m so u rc e s w e b e lie v e to b e rel i ab l e ; h o w e v e r, RP S C ap i t al M an ag e m e n t L L C h as n o t v e rif ie d, an d will not verify, any of the infor ma tio n c o n ta in e d h e re in , n o r h a s R PS C a p ita l Ma n a g e m e n t L L C co n d u ct e d an y i n v e s t i g at i o n r e g ar d i n g t h e s e m a tt e r s a n d make s no war ranty or representatio n w h a tso e v e r re g a rd in g th e a c c u ra c y o r c o mp le te n e ss o f t h e i n f o r m at i o n p r o v i d e d . Al l p o t e n t i al b u y e r s m u s t t a k e a ppr opr iat e measures to verify all of the info r m a tio n se t fo rth h e re in . N ON-ENDO R SEM EN T NOTI CE R P S Capit al M an agement LLC is not affiliated w ith , sp o n so re d b y, o r e n d o rse d b y a n y c o m m e rc ia l te n a n t o r l e s s e e i d e n t i f i e d i n t h i s m ar k e t i n g p ack ag e. Th e pr e se n ce of a n y corporation’s logo or name is n o t in te n d e d to in d ic a te o r im p ly a ffilia tio n w ith , o r sp o n s o r s h i p o r e n d o r s e m e n t b y, s ai d co r p o r at i o n o f RP S C a p it al M an age me nt LLC, its affiliates or subsi d ia rie s, o r a n y a g e n t, p ro d u c t, se r v ic e, o r c o m m e rc ia l lis t i n g o f RP S C ap i t al M an ag e m e n t L L C , an d i s s o l e l y i n c l ude d f or t h e purpose of providing tenant le sse e in fo r m a tio n a b o u t th is listin g to p ro sp e c tiv e c u sto m e r s . A L L PR O PERTY SHOWI NGS ARE BY AP P OI NTM E N T O N LY. PL E A SE C O N SU LT YO U R R PS C a p ita l Ma n a g e m e n t L L C AG E N T F OR M ORE D E TAIL S.
E X C L U S I V E LY L I S T E D B Y :
PREET SABHARWAL
LICENSED REAL ESTATE SALESPERSON
psabharwal@sabgroup.com
t. 646.809.8830
LICENSE #: 10401279699 (NY)
DAN CORCORAN
LICENSED REAL ESTATE SALESPERSON
dcorcoran@sabgroup.com
t. 646.809.8831
LICENSE #: 10401257943 (NY)
AARON BAUM
LICENSED REAL ESTATE SALESPERSON
abaum@sabgroup.com
t. 646.809.8834
LICENSE #: 10401279115 (NY)
IN CONJUNCTION WITH
BROKER OF RECORD
Andrew T. Knight
New England Commercial Brokerage, Inc.,
LICENSE #: # 0225214094 (VA )
NECB CORP # 0226025861 (VA)
of RPS Capital Management LLCYou can also read
