Mattress Firm | Absolute NNN Lease
100 Vision Park Boulevard, Shenandoah, TX
$6,200,000
Price
5.36%
Cap Rate
$332,613
NOI
Overview
Description
The subject property is a 13,993 ± Sq. Ft freestanding building leased to Mattress Firm, Inc. located in Shenandoah, a key city in the Houston-The Woodlands-Sugar Land MSA The Absolute NNN lease (no landlord maintenance or costs) is guaranteed by Mattress Holding Corp (NASDAQ: MFRM, Mkt. Cap: $2.12B, 2,200 + locations in 40 states). The offering features an original corporate sale/leaseback for a 15-Year Absolute NNN lease with 12% rent increases every 5 years. including option periods. There are 9.5 years remaining on the primary term with 3 five year options to renew.
The property is located in Houston-The Woodlands-Sugar Land metropolitan area in the city of Shenandoah, approximately 30 miles north of downtown Houston. Houston - The Woodlands - Sugar Land is the fifth-largest metropolitan area in the United States with an estimated population of 6,490,180 as of July, 2014. The area has several corporate campuses with most notably, Chevron, Phillips 66, McKesson Corporation and the new 385 acre Exxon Mobil corporate campus. The property occupies a prominent location with excellent visibility from I-45 – approximately 208,000 vehicles per day. The property has excellent ingress and egress with access with multiple access points from Vision Park Blvd and N Freeway Service Road.
Documents
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Mattress_Firm_Shenandoah__TX_OM_7-19-22.pdf
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