Sonic Burger
Baskersfield, CA
Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2016, the company operated 3,557 Sonic Drive-Ins in 45 states, of which 345 were owned and operated by the company and 3,212 were owned and operated by franchisees. It also leases real estate properties to franchisees. The company was founded in 1953 and is headquartered in Oklahoma City, Oklahoma.
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Typical Lease Characteristics
Lease Term: 10 – 15 Years Years
Lease Type: Absolute NNN Lease
Lease Increases: 10% Every 5 years
Lease Extensions: 4-5 (5) Year Options
Lease Guarantor: Corporate and Franchise
Tenant Overview
Most Sonic locations are franchised, which will require special attention to the indidual franchisee. Regardless, Sonic locations provide leadership from a best-in-class franchise support team, a diverse menu that maximizes all five dayparts like no other QSR in the industry and the marketing muscle of the wildly successful Two Guys national campaign has positioned Sonic as a brand with remarkable momentum. Sonic franchise owners saw an average gross sales-by-store increase from $1,072,000 in 2012 to $1,283,000 in 2016, with 27 percent of stores exceeding $1.5 million in gross sales in the fiscal year 2016.
Positives:
- Established brand
- Footprint allows for adaptive reuse
- Typically Long term leases with increases
Negatives:
- Consumers are showing a growing interest in healthy fast food.
- Competitive Industry Sector
- Susceptible to economic trends and pressures
Market Snapshots:
On Market Ranges:
# of Properties in set: N/AV
Price: N/AV - N/AVAverage: N/AV
PPSF: N/AV - N/AVAverage: N/AV
Year Built: N/AV - N/AVAverage: N/AV
CAP Rate Range: N/AV - N/AVAverage: N/AV
Size range: N/AV - N/AV Average: N/AV
Last 12 Month Range:
# of Properties in set: 1
Price: $1,494,092 - $1,494,092Average: $1,494,092
PPSF: $889 - $889Average: $889
Year Built: 2003 - 2003Average: 2003
CAP Rate Range: N/AV - N/AVAverage: N/AV
Size range: 1,680 sq ft - 1,680 sq ft Average: 1,680 sq ft
Sonic Burger Company Profile
Headquarters Information
Oklahoma City, Oklahoma
Founded in 1953
Company type: Public
Sector: Services
Industry: Restaurants
# of Employees: 9,200