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Mattress Firm, Marion, IN

Mattress Firm

IN, United States

Price $2,088,250
Cap Rate
NOI
Lease Term 10 Years
Lease Type
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017
Building Size 5,000 SF
Lot Size 0.88 Acres (38,269 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

LONG-TERM NET LEASE WITH SCHEDULED RENT INCREASES TO STRONG NATIONAL TENANT
» Strong corporate guarantee
» New 10-year net lease with two five-year option periods
» 10% rental increases every five years, providing a hedge against inflation
» Mattress Firm has a “B1” credit rating from Moody’s, with over 3,500 locations nationwide and over $1.8 billion in annual revenue

EXCELLENT RETAIL LOCATION ACROSS FROM UNIVERSITY
» Located in large retail plaza with Meijer, Hobby Lobby, Kohl’s, T.J. Maxx, and many others
» Directly across from Indiana Wesleyan University, the largest private university in Indiana and the fastest growing university in the state
» 15,872 students and 1,401 employees

CLOSE PROXIMITY TO AREA’S LARGEST EMPLOYERS
» Near General Motor’s Marion Metal Center, which is currently undergoing a $91 million upgrade
» General Motors is the largest employer in Grant County, with over 1,600 employees
» Walmart and Dollar General operate large distribution centers in the Marion area, employing nearly 1,500 people
» Just over two miles from Marion’s central business district and Marion General Hospital, with 1,254 employees

NEW 2017 CONSTRUCTION
» High-quality built-to-suit construction
» Features latest Mattress Firm prototype
» New construction, limiting near-term deferred maintenance or capital costs

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is conveniently located along South Western Avenue, Marion’s main retail corridor, which experiences a traffic count of 22,661 vehicles per day. The property is a new pad building in University Marketplace, a shopping center anchored by Meijer, the dominant supermarket chain in Indiana. Other major retailers in the center include T.J. Maxx, Hobby Lobby, and Kohl’s. National tenants in the nearby area include Walmart Supercenter, Lowe’s, Goodwill, Staples, Big Lots, and others. Mattress Firm’s local competition is limited to The Mattress Store, a privately owned retailer which does not have the horsepower to compete with Mattress Firm. As a result, the property is well-poised to be a high-volume store.

The property is directly across from Indiana Wesleyan University (IWU), making this location one of the best in the Marion retail market. IWU, which has a total enrollment of 15,872 students, is the largest private university in Indiana and the fastest-growing university in the state. IWU is also one of the top employers in Grant County; the university employs over 1,400 people and contributes over $1 million annually to the local economy.

Grant County’s largest employer, General Motors, operates its Marion Metal Center approximately three miles from the property. General Motors is currently investing $91 million into the Marion plant, which currently employs more than 1,600 workers. Walmart and Dollar General also operate large distribution facilities in the nearby area, with a combined workforce of 1,453 employees. Additionally, Marion’s central business district and Marion General Hospital, Grant County’s third largest employer, are located just over two miles from the property in downtown Marion.

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