Red’s Corner is out in the country in Johnson County, Indiana. The original building appears to be empty. It most recently was a welding shop. It’s also been a pizza kitchen. It was at one time a service station. Yes, you’re right it was a SUNOCO station. Clever that the sign has remained in service, albeit with a different name as the banner.
The arrow piercing the sign originally came in on a horizontal plane. (1920 – 1954) In 1954 the arrow moved and came down at an angle as you see in the picture above. This arrow position has remained to the present day, although the SUNOCO lettering was slanted beginning in 1999.