SLIDELL, La., January 13, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Sonic Drive In, a 1,635-square foot net-leased property located in Slidell, La., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,440,000.
Aaron Bergland, James Garner, Jim Shiebler and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Aaron Bergland, James Garner, Jim Shiebler and James Medefind. Chris Shaheen, Broker, assisted in closing this transaction.
“This transaction was a testament to our team’s collaboration, persistence, and expertise. This was a sale leaseback from an operator who recently acquired under-performing stores with plans to turn them around within short time. Our operator relationships paired with our platform’s access to private 1031 exchange buyers was the perfect pairing to creating a win-win transaction for both the seller and the buyer. we specialize in restaurant net leased opportunities. Our operators rely on our ability to help them grow or contract as needed, while our private investors rely on our ability to secure stable long-term cash flow producing assets that beat the returns of other investment vehicles. I am proud to say our team performs for both sides of the coin on a consistent basis and this was a perfect example,” stated Mr. Garner.
Sonic Drive In is located at 61105 Airport Road in Slidell, LA. The median age and average household income within a three-mile radius of the subject property is approximately 36 years and $68,600, respectively, which are ideal trade area demographics for SONIC. The subject property is an outparcel to a shopping strip with tenants including David's Bridal, Ross Dress for Less and Academy Sports + Outdoors. North Shore Square Mall and other major retail tenants including Walmart, Sam's Club, and Home Depot are less than one mile away. SONIC is located within a quarter mile of five hotels and just two miles south of Slidell Municipal Airport.
Located in Louisiana, the city of Slidell is located less than one hour north of New Orleans and is part of the New Orleans-Metairie-Kenner MSA. New Orleans is known for its vibrant culture, tourism, and the annual celebration of Mardi Gras. Downtown's French Quarter, Canal Street and Bourbon Street are filled with restaurants, hotels, bars and clubs. The New Orleans Jazz and Heritage Festival is one of the nation's largest music festivals held annually.