Pegasus Investments, as exclusive investment sale advisor to the Seller, is pleased to offer an exceptional opportunity to acquire the fee simple interest in a single tenant property on a corporate guaranteed triple net lease (NNN) to Mattress Firm. Inc. The property is a rare combination retail and distribution center providing the owner the opportunity to acquire a large 40,500 SF mixed-used property in the heart of the busiest retail corridor in Bristol, Virginia. The distribution center provides warehousing and delivery services to six other Mattress Firm locations in the Tri-Cities market making this a mission critical location for the tenant. This was evidenced in Mattress Firm corporate recently acquiring the lease from the historical franchisee operator. The lease has roughly 8.5 years remaining and 7.0% increases every 5-years including in the two (2) five-year option periods.
The Mattress Firm in Bristol, VA is situated on the main thoroughfare at a heavily trafficked intersection on Lee Highway providing for excellent visibility and access. The corridor is also undergoing major developments with the addition of The Falls a brand new 120-acre power center with over 1 million square feet of retail development anchored by Cabela' s and Lowe' s. The center is bringing up to $22 million of investment in road widening projects along Interstate-81 and Lee Highway. The property is situated on a 3.8-acre parcel at well below market rent, providing for long term redevelopment opportunity. Lastly, the property benefits from its proximity to major national retailers. It is set between a Walmart/Sam' s center to the east, a grocery anchored center to the south and the Cabela' s/Lowe' s center to the west. In addition, Target, Home Depot, TJ Maxx, Best Buy, Cinemark are within 1.5 miles of the site.
