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 three Sonic Drive Ins, net-leased properties located in Slidell, La. and Pearl River, La., according to Chris Travis, sales manager of the firm’s Tampa office. The assets sold for $3,443,991.
James Garner, James Medefind and Jim Shiebler, 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 secured and represented by James Garner and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office. Chris Shaheen, Broker, assisted in closing this transaction.
“This portfolio sale will help springboard this multi-concept franchisee to exponential growth over the next 5 years. 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 institutional and private equity investor relationships was the perfect pairing to build a market around these assets, provide the seller with strategic growth options, and ultimately create a win-win transaction for both the seller and the buyer. We specialize in restaurant net leased opportunities. Our operator’s rely on our ability to help them grow or contract as needed, while our developers, private equity groups, and institutional investors rely on our ability to secure stable long-term cash flow producing assets that beat their yield requirements and provide returns other investment vehicles cannot compete with. 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.
The Sonic Drive In properties are located at 194 Brownswitch Road in Slidell, La., 1968 Gause Boulevard in Slidell, La. and 64107 Highway 41 in Pearl River, La. All three locations have ideal trade area demographics for SONIC.
Located in Louisiana, the cities of Slidell and Pearl River are located less than one hour north of New Orleans and are 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.