1815 E Expressway 83 Penitas, TX 78576

This freestanding Sonic investment property is located in Penitas, Texas. The property is under an absolute NNN lease. The tenant, Crush TX, LLC, recently signed a new 20-year lease with two 5-year options to extend. The lease includes 7.5% rental increases every 5 years throughout the lease term and at the beginning of each option period. The property was recently constructed and is open for business. The operator, Crush TX, LLC, has developed over 14 Sonic Drive-Ins in South Texas and is implementing a $28 million Sonic Drive-In re-introduction to the Rio Grande Valley. The property is near U.S. Highway 83, which has an average daily traffic count of 55,900 vehicles. The Sonic is an outparcel to a Walmart Supercenter anchored center. The property is positioned southeast of the Villas at Penitas Apartments, a 128-unit multi-family complex. Sonic is situated in a developing fast food area with tenants including Wingstop, Panda Express, Chick-fil-A, and Starbucks. The property is in a primary retail corridor with nearby national tenants including H-E-B, Dollar General, Dollar Tree, Walgreens, and AutoZone. The 5-mile trade area has a population of over 45,000 with an average household income of $57,905. The building size is 1,227 square feet.