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Sonic Miami Across Hard Rock Stadium 2660 NW 199th St

3,054 SF Retail Building Miami Gardens, FL 33056 £2,849,592 (£933/SF) 5.15% Net Initial Yield

Investment Highlights

  • Brand New 15-Year Absolute NNN Sale Leaseback with Zero Landlord responsibilities
  • Off the Corner of 27th Ave & NW 199th St with over 72,000 Vehicles Per Day, Across from the Hard Rock Stadium
  • Oversized Parcel with over 41,000 SF - 9.8 Parking spaces per 1,000 SF
  • 2014 Construction with 10 years of Operational History, Low Rent to Sales Ratio 8.35%, Above the National Average
  • Hard Rock Stadium attracts Over 2 Million Visitors per Year via Miami Dolphins, College Football, Miami Open, Formula One, Concerts and More
  • Shadow Anchored by Walmart Supercenter with Major Retailers in the immediate area include Aldi, Dunkin, 24hr Fitness, Burger king, McDonalds and more

Executive Summary

Tenant Overview
For more than 60 years, SONIC, America’s Drive-In has built a dominant position in the drive-in restaurant business. We did it by sticking to what made drive-ins so popular in the first place: made-to-order American classics, signature menu items, speedy service from friendly Carhops and heaping helpings of fun and personality. SONIC is part of the Inspire Brands family of restaurants.
Franchise Overview
The franchisee group was established by Andrew Patrick Wendt in 2016 following the sale of his restaurant and live music venues in North Texas in 2015. The group-initiated construction on a Sonic Drive-In located at 2312 N Roosevelt Blvd in Key West, Florida, with the groundbreaking originally scheduled for October 2017. However, the project faced an eight-month delay due to the impact of Hurricane Irma, which made landfall in the Florida Keys shortly before the scheduled groundbreaking. Once recovery efforts were completed, construction resumed, and the drive-in opened to the public on September 1, 2018.
On May 10, 2019, the company successfully negotiated the acquisition of four additional locations in South Florida. This strategic move allowed for favorable development agreements with Sonic Corporate, granting exclusive development rights over a significant portion of South Florida, coupled with a unique fee structure that supports future growth in the Florida market.
After experiencing rapid expansion, growing from zero to five locations within a year, the company made a strategic decision to focus on operational efficiencies and temporarily pause new openings.

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Retail
Building Size
3,054 SF
Year Built/Renovated
2013/2024
Price
£2,849,592
Price Per SF
£933
Net Initial Yield
5.15%
NOI
£146,754
Tenancy
Single
Number of Floors
1
Building FAR
0.07
Land Acres
0.95 AC
Zoning
BU-2
Parking
30 Spaces (9.82 Spaces per 1,000 SF Leased)

Amenities

  • Pylon Sign
  • Restaurant

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
34-2103-030-0020
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£1,250,087
  • Listing ID: 33842508

  • Date on Market: 12/11/2024

  • Last Updated:

  • Address: 2660 NW 199th St, Miami Gardens, FL 33056

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