The transaction is a renewal on a five-year lease Sonic already had to operate in the shopping center. The operator of the Martintown Sonic operates more than 20 restaurants in the Aiken County, S.C. area.
David Lichtenstein, CEO and founder of The Lightstone Group said, “Martintown Plaza is located close to major roads in Aiken County and convenient to many of the big shopping plazas in the area, allowing traffic to flow naturally into the restaurant.”
Sonic Drive-In started as a local hamburger stand in 1953,has since grown into a large drive-in chain in the restaurant business.
Martintown Plaza is a 144,000 square feet retail strip located in North Augusta, S.C. Tenants include Office Depot, Belk, Jackson Hewitt, Dollar General, CitiFinancial, Ruby Tuesday and Taco Bell. The shopping center is also near Wal-Mart and Kmart Centers.
The Lightstone Group is a privately held real estate company with interests in residential, office, retail, and industrial real estate assets. The company’s operating entities include Prime Retail, a premier outlet retailer, Prime Group Realty Trust and Beacon Management. The company owns a diversified portfolio of more than 19,000 multifamily units, and 24 million square feet of office, industrial, and retail properties in 27 states, the District of Columbia, and Puerto Rico. Headquartered in New York, the Lightstone Group employs more than 1,000 people.
