Single Tenant Sonic Drive-In

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Sonic Drive-In, (the “Property”) in Ashland, Virginia—a thriving town in Hanover County just 15 miles north of Richmond and part of the Richmond MSA, home to a population of 1.35 million residents. Sonic Drive-In operates under a triple-net (NNN) lease with 9.5 years of term remaining, offering investors a truly passive, hands-free ownership experience. Strategically positioned at the signalized intersection of Washington Highway (24,000 VPD) and Sliding Hill Road (22,000 VPD), the property benefits from excellent visibility and convenient access from both thoroughfares. Located just half a mile from Exits 86A & 86Boff Interstate 95—a major East Coast corridor with over 132,000 VPD—the site captures strong regional traffic. Sonic Drive-In ranks among the top 80% of Sonic locations in Virginia, underscoring its operational strength and local popularity (Placer.ai). Across Sliding Hill Road (22,000 VPD), the Stony Run Commons development is underway, bringing an ALDI, Bank of America, 7-Eleven, Advance Auto Parts, Take 5 Oil Change, Panda Express, and more. Less than a mile away, the Virginia Center Commons shopping mall has been redeveloped to The Walker Virginia Center, a mid-rise apartment community completed in 2024 with 275 units. Additionally, the nearby Belmont at River Mill development is set to add another 283 residential units by 2025, further enhancing the area's growth and demand. The property is nestled in a prosperous and sought-after location in which the average household income (AHHI) within 3-miles sits at $139,000; within 5 mile it’s $127,000 and within 1 mile it is $101,000. The population and number of households within 1-mile have already seen growth of 23.15% and 12.73% respectively since 2020 are expected to continue to grow through 2029. Founded in 1953, Sonic Drive-In has established itself as the largest drive-in restaurant chain in the United States, known for its nostalgic carhop service and a wide-ranging menu of burgers, hot dogs, chicken, drinks, and frozen treats. In 2018, Sonic was acquired by Inspire Brands for $2.3 billion. Inspire Brands is a global multi-brand restaurant company that owns and operates some of the most iconic brands in the world, including Sonic Drive-In, Dunkin’, Buffalo Wild Wings, Jimmy John’s, Arby’s, and Baskin-Robbins. As of 2024, Sonic operates over 3,400 locations across 47 states, generating $5.4 billion in annual system sales. Inspire Brands oversees a portfolio of 33,000+ restaurants, supported by 2,800+ franchisees and 650,000+ team members, with $32.6 billion in total system sales and over $10 billion in U.S. digital sales.