Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 207 West FM 495 in San Juan, Texas. The newly built 2,308-square-foot quick service restaurant is leased by Sonic Drive-In. The private 1031 exchange buyer from Oklahoma was represented by Stan Johnson Company’s Jonathan Ameen. The seller was a Texas-based developer, and they were represented by Matthew Mousavi of SRS Real Estate Partners. The sale price and cap rate were not disclosed.
“This is a great fit for the investors, who are transitioning their portfolio to long-term, absolute net, essential retail properties,” said Ameen, Associate Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “This transaction also represents the first Texas location for an experienced Sonic franchisee who has significant growth plans across south Texas.”
The restaurant was constructed in November 2020, and at the time of sale, there were 19.6 years remaining on the absolute triple net lease. The property is situated on 0.86 acres just north of the U.S.-Mexico border and approximately one hour west of South Padre Island, Texas on Interstate 2.