Delisle of Island Associates Real Estate Inc. negotiates $1.689m sale of Sonic Restaurant in Alabama

Tuscaloosa, AL Roger Delisle of Island Associates Real Estate Inc. negotiated and closed the purchase and sale of the property located at 3160 15^th St. for $1.689 million.

The site is ground leased to Sonic Restaurant and has been developed with a 1,312 s/f Sonic with a drive-thru on a 0.74 acre lot. The transaction was a sale leaseback with a 78-unit operator who has entered a new NNN ground lease with a base term of 20 years plus options. The seller was GS 15^th Street LLC, who operates 78 Sonic restaurants in the Southeast. The purchaser is a real estate owner and operator who owns properties throughout the east coast, and who purchased this property as a replacement property under a 1031 exchange. The purchaser was represented by Island Associates and the seller was represented by Marcus & Millichap.