La Quinta, CA - Mattress Firm Pad

Description:

SRS Multi-Tenant Investments is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 3-tenant, freestanding pad located in La Quinta, CA (Coachella Valley MSA). The property is positioned on a 1.32-acre parcel and is comprised of 3 suites totaling 10,500 SF. In addition, the tenant lineup is comprised of a diverse mix of ecommerce resistant tenants and includes Mattress Firm, AT&T, and Brother’s Nails & Lashes. Brother’s Nails and Lashes recently signed a brand new 10-year lease bringing the properties’ weighted average lease term remaining (WALT) to 8.4 years, demonstrating their long-term commitment to the trade area and reducing the risk of near-term rollover. All leases are structured as net leases and feature scheduled 3-10% rental increases, minimizing expense leakage for a future investor and providing a hedge against inflation.

The property is strategically situated as an outparcel within the highly successful community center, One Eleven La Quinta Center. Over 74% of the tenant lineup within the center is made up of national/credit retailers such as Stater Bros, Ross, Hobby Lobby, Staples, Kohls, Petco, Big 5, Five Below, Daiso, and more. In addition, more than 72% of the tenant lineup has operated at the site for more than 10 years, further highlighting the strength of the center and the intrinsic value of the underlying real estate. The center supports more than 6M visitors per year and the Kohls anchor ranks in the top 97th percentile of Kohls locations nationwide (per Placer.Ai). Other nearby national/credit tenants nearby include Walmart Supercenter, Costco, Home Depot, Lowes, Target, Vons, Sprouts, Smart & Final, Marshalls, Best Buy, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area.

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