Alexandria, LA - Verizon & Mattress Firm

Description:

SRS Multi-Tenant Investments is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a freestanding, two-tenant strip investment property located in Alexandria, Louisiana. The tenant lineup is comprised of two nationally recognized retailers, Verizon (NYSE: VZ S&P BBB+) and Mattress Firm (S&P BB). Verizon’s current lease is in place until 2028 with an additional 5-year option to renew. Mattress Firm has continued to show significant growth, becoming a $500m company and was recently acquired by its parent Somingroup International. The Mattress Firm lease in place at the subject property extends
to 2027 and the tenant currently has two 5-year renewal options, demonstrating long term tenant stability at the property. Both leases are NNN in nature and limit expense slippage and responsibilities of the landlord with both tenants reimbursing their pro rata share of CAM, Taxes, and Insurance.

The subject is located near the signalized, hard corner intersection of Jackson Street and Hwy 165 which supports over 62,100 vehicles per day. Highway 165 is the major retail thoroughfare serving the city of Alexandria. The property is adjacent to Korger anchored, MacArthur Village Shopping Center which features national/credit tenants including Burlington and Petco. The asset is also 1.30mi away from Westgate Shopping Center, a 162,000 square foot Aaron’s anchored community center. In addition, the site is also 1.2 miles from Alexandria Mall, a 1 million square foot regional mall anchored by Dillard’s and Michaels. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Lowes, Best Buy, Marshalls, Sam’s Club, Dollar Tree, Michaels, Albertson’s, and more, further increasing consumer traffic to the site. The subject property is in close proximity to St. Frances Cabrini Hospital (241 Beds). The 5-mile trade area is supported by a population of over 58,000 and 51,000 daytime employees. Residents within a 1-mile radius earn a healthy average household income of more than $94,000.