3-Tenant Pad Building

Highlights:

• 3 National Tenants - Verizon, Mattress Firm, & Zeus Mediterranean
• High profile pad building located within strong, anchored shopping center (rouses market / hobby lobby)
• New long term NNN leases with rental increases
• Brand new 2023 construction
• Shopping center outparcel to grocery anchored center
• Located in the dominant retail corridor with frontage along south Lewis and e. Admiral Doyle dr.
• Strong retail shopping center synergy | centrally located property within the east Iberia trade area

Description:

Faris Lee Investments is pleased to offer for sale the fee simple interest (Land & Building) to a 100% leased, freestanding, 3-tenant NNN outparcel pad building in New Iberia, Louisiana. All three tenants signed brand-new long-term leases in 2023, with options to extend the term. Additionally, Mattress Firm’s lease includes rental increases throughout the term which aids hedging against inflation while increasing the return on investment. All 3 leases are NNN, making the tenants responsible for their pro rata share of expenses (taxes, insurance, and CAM) associated with the property, and providing the landlord with minimal responsibilities.

Mattress Firm and Cellular Sales (DBA Verizon) both feature corporate-backed leases. Each tenant features high-grade credit ratings as they are each established brands in their respective industries – Mattress Firm has over 2,300 locations, Cellular Sales has over 700 locations, and Zeus Mediterranean Kitchen has 17 locations.

The subject property is strategically located in New Iberia, Louisiana, with a population of over 27,000. The Shops are an outparcel to a regional shopping center with strong anchors Hobby Lobby, Rouses Market, and Ross Dress for Less. Tenants within the immediate trade area include Walmart, TJ Maxx, PetSmart, and Five Below. South Lewis provides over 23,000 vehicles per day, Admiral Doyle Drive provides over 21,000 vehicles per day and more than 74,000 people live within a ten-mile radius.