Sonic Drive-In Portfolio of 3 (Florida)

As the exclusive agent of the owner, SHOP Companies is pleased to offer for sale a three-unit (3) master-leased portfolio of Sonic Drive-Ins in the income-tax-free state of Florida. The fully cross-collateralized, absolute net, master-leased portfolio has 13+ years remaining on the primary term with attractive annual bumps calculated as “lesser of 1.75% or 1.25 x CPI.” The portfolio maintains healthy sales and low rent-to-sales ratio and is both operated and guaranteed by Drive-In Capital, a ten (10) unit operator.

The subject offering is comprised of three (3) Brevard County, Florida stores located within a +/- 50-mile stretch of the east coast of central Florida. Brevard County is located approximately 35 miles east of Orlando and is home to over 606,000 people. It is also the home of Cape Canaveral Space Force Station as well as many large aerospace and technology-focused companies such as Harris Corporation, GE, Lockheed Martin, Embraer Aircrafts Corporation and Northrop Grumman. In 2022, Brevard County’s unemployment rate was only 4.5%, 25% lower than the US average. Future job growth in Brevard County over the next 10 years is projected to be 42.2%, which is 25% higher than job growth projections for the average US city.

With over 3,549 locations across 47 states, Sonic Drive-In has built a dominant position in the drive-in restaurant business. Sonic Drive-In was purchased by Inspire Brands in 2018. Today, Inspire has curated and grown 7,600+ stores within their portfolio, which is comprised of six distinct, highly-valued brands: Arby’s, Baskin Robbins, Buffalo Wild Wings, Dunkin’ Donuts, Jimmy Johns, and Sonic Drive-In.

3 florida LOCATIONS: 

• 650 Cheney Highway, Titusville, FL 32780

• 1112 Clearlake Road, Cocoa, FL 32922 

• 555 South Babcock Street, Melbourne, FL 32901