September 14, 2016
Hanley Investment Group Real Estate Advisors, in conjunction with Lee & Associates, completed the sale of a single-tenant Sonic Drive-In in Riverside, CA. The $2.55-million sale price represents a cap rate of 4.70%, a record low for a single-tenant Sonic Drive-In restaurant nationwide.
Built last year, the 3,275-square-foot building is situated on a half acre parcel, and won the city’s 2015 Beautification Award.
Hanley Investment Group’s Bill Asher, along with Lee & Associates’ Jon Friesen and Jeff Stanley, represented the seller, an affiliated entity of Glendale, CA-based Evergreen Devco, Inc. Realtex Properties, Inc.’s Paul Bahk represented the buyer, a private Los Angeles investor.
Friesen says, “Since opening in November 2015, this particular Sonic Drive-In location was trending to be one of the top performing Sonics in the chain for the franchisee, and a top performer nationwide.”
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