Overview

Description

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate guaranteed, Mattress Firm investment property located in Flagstaff, AZ. The tenant, Mattress Firm, Inc., recently extended their lease, providing for 10 years of firm lease term with 1 (5-year) option to extend, demonstrating their commitment to the site. The lease features a 10% rental increase in 2025 and at the beginning of the option period, steadily growing NOI. The lease is NNN with landlord responsibilities limited to roof and structure. Approximately 5,600 SF of the building area is used for a traditional retail store and showroom, and the remaining balance functions as distribution for the northern Arizona market.

Mattress Firm is strategically located at the signalized intersection of N. Cummings Street and U.S. Highway 89, averaging a combined 26,600 vehicles passing by daily. The site is less than 1 mile north of Interstate 40 (66,400 VPD), a major west/east thoroughfare for the state of Arizona. Mattress Firm is an outparcel to Flagstaff Mall, a 347,000+ square foot mall anchored by Dillard’s and a new Hobby Lobby and Planet Fitness, thereby benefiting from crossover traffic. The building is ideally positioned in a dense retail corridor and is within close proximity to The Marketplace (268,000 SF), a shopping center anchored by The Home Depot, Marshalls, Best Buy, Petco, and Harkins Theatres, and the Flagstaff Auto Center, which includes the brand new Mercedes-Benz of Flagstaff dealership. Other nearby national/credit tenants include Safeway, OfficeMax, CVS, Aaron’s, and more, increasing consumer draw and traffic to the trade area. Additionally, Flagstaff has a strong science and technology corridor with employers including Flagstaff Medical Center, W.L. Gore Technologies, and the U.S. Geological Survey Astrology Science Center. Further, the site is less than 5 miles from Northern Arizona University (29,000 students enrolled), providing a strong customer base to draw from. The 5-mile trade area is supported by a population of more than 58,000 residents and 35,000 employees. The 3-mile subject area boasts an average household income of $89,659.

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