“America’s Drive-In” Structures Sale Leaseback worth $3.12 Million in Tucson

Sonic_Drive_In_signThe Tucson Sonic Drive-in franchise owner, Stuart Carey, has structured a sale leaseback on six of his nine Sonic restaurants in Tucson for $3.12 million. The sale price was for partial interest in four of the six properties at 2222 E Broadway, 3800 N First Ave, 9439 E Broadway Blvd, and 7940 N Thornydale Road. The Sonics at 1001 W Grant Road and 8000 E Golf Links Road in Tucson were for 100% ownership for an aggregate amount of $1.87 million ($678 PSF).

Sonic at Night
Sonic at Night

The buyer was B&B Merritt Real Estate of Las Cruces, NM (Bobby Merritt, chairman), also a Sonic franchisee based in New Mexico. Terms of the leaseback were undisclosed.

Sonic, American’s drive-in fast-food restaurant chain is based in Oklahoma City, Oklahoma. As of August 31, 2011, there were 3,561 restaurants in 43 U.S. States, and 28 of them right here in Arizona, serving approximately 3.6 million customers per day. In 2012, it was ranked 11th in QSR Magazine’s rankings of the top 50 quick-service and fast-casual restaurant brands in the nation. Known for its use of carhops on roller skates on, the company annually hosts a competition to determine the top skating carhop in its system. It also hosts, with Dr. Pepper, an internal competition between drive-in employees. The company’s slogan is “America’s Drive-In.”

Although Sonic has operated since the early 1950s, Sonic Corp. was incorporated in the State of Delaware in 1990. It has its corporate headquarters in Oklahoma City, Oklahoma; the headquarters building features a dine-in Sonic restaurant in an adjacent building. Its stock trades on NASDAQ with the symbol SONC.
There were no brokers reported in the sale.

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[mepr-show rules=”58038″]8000 E Golf Links, sale date 2/18/2014, sale price: $1.2 million for 100% ownership.
1001 W Gran Rd, sale date: 2/18/2014, sale price: $675,000 for 100% ownership.
9439 E Broadway Blvd, sale date 2/18/2014, sale price: $450,000 for 50% ownership.
3800 N 1st Ave, sale date 2/18/2014, sale price $350,000 for 66.67% ownership.
2222 E Broadway Blvd, dale date 2/18/2014, sale price: $360,000 for 50% ownership.
7940 N Thornydale Rd, sale date: 2/18/2014, sale price: $80,946 for 25% ownership.[/mepr-show]