97 GATEWAY BLVD Rock Springs WY 82901-5708

Stan Johnson Company (“SJC”), on behalf of ownership as its exclusive advisor, is pleased to offer the opportunity to acquire the fee simple ownership interest in the Sonic Drive-In property located at 97 Gateway Boulevard in Rock Springs, WY (“Property”). The Property comprises a 2,640 SF drive-in QSR restaurant on 0.92 acres. The Property benefits from enhanced visibility generated from the adjacent Walmart Supercenter, which is ranked in the 68th percentile nationally with over 2.1 million visits annually, and Interstate 80, which supports over 23,222 VPD at the closest off-ramp. Additional nearby traffic drivers include the 99-bed Memorial Hospital and Western Wyoming Community College. The Property is subject to a newly extended 10-year lease following 17 years of occupancy, ensuring commitment to location and long-term income security through January 2033. The Lease provides an absolute NNN expense structure with 100% of maintenance items and operating expenses the responsibility of Tenant, providing completely passive ownership. The Lease provides rental increases during the base term and each of the two (2), five (5) year renewal options, hedging against inflation and incentivizing long-term tenant retention.

Newly Executed Long-Term Lease Extension
As of October 2022, Tenant has amended the lease to provide a full 10-year term expiring January 2033. Additionally, the amendment ensures unit-level financial reporting on an annual basis and an 8% rent increase in Year 6, as opposed to the original 5% rent increase.

Walmart Supercenter Outparcel
Subject Property is adjacent to the only Walmart Supercenter within a 2-hour drive, with the nearest being 100 miles south. The adjacent Walmart is ranked in the 68th percentile nationally with 2.1 million visits annually (Source: Placer.ai).

National QSR Brand
Sonic Drive-In is the largest drive-in chain the in nation with 3,493 locations and 9,200 employees. The chain serves an estimated 3 million customers daily, earning a revenue of $5.48 billion.

Absolute NNN Lease
The Property is subject to an absolute NNN lease with 100% of maintenance items and operating expenses the responsibility of Tenant, providing completely passive ownership.

Rental Increases and Renewal Options
Lease provides a rental increase in 2026, as well as 10% each renewal option. Tenant has two, five-year renewal options, incentivizing long-term tenant retention.

Ideal Market Positioning
Subject Property benefits from immediate access to Interstate 80 (23,222 VPD). Neighboring operations include the Memorial Hospital (99-beds), Western Wyoming Community College (2,600 students), and multiple national retailers, such as The Home Depot, Albertsons, and Walmart Supercenter.