Investment Highlights
- NNN Lease with Approx. 6.5 Years Remaining on Base Term, Which Tenant Recently Extended for an Additional 5 Years
- Tenant has Operated From This Location for Approx. 25 Years
- Two, Five-Year Tenant Renewal Options with Rent Increases at Fair Market Rent
- Within Walking Distance to Sawgrass Mills – the Largest Outlet Retail Shopping Destination in the U.S. with 30 Million Visitors/Shoppers Annually
- Numerous Recently Constructed, Large Scale Residential and Mixed-Use Developments in Immediate Area
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire Mattress Firm in Sunrise, Florida. The tenant has been in place for approximately 25 years, showing a strong commitment to the site. This Mattress Firm has a long-term, triple net lease with 6.5 years remaining on the base term, which the tenant recently extended an additional five years. There are two, five-year tenant renewal options with rent increases at fair market rent. The property has ample on-site parking.
The Subject Property is within walking distance to Sawgrass Mills Mall which is the largest outlet retail shopping destination in the U.S. Sawgrass Mills has more than 30 million visitors/shoppers annually and is the #1 visitor destination in all of South Florida. In addition, the property is directly across the street from Metropica, which is a development that will be over 4 million square feet of condos/apartments (over 2,250 residences planned), office space, shopping, dining and more. Upon completion, this is anticipated to attract even more visitors and residents to the area. There are numerous other recently constructed, large scale residential and mixed-use developments in immediate area.
This Mattress Firm is in an exceptional location in Sunrise, FL. The property is located on Northwest 136th Avenue with a daily traffic count of more than 24,500 vehicles and off Sunrise Boulevard with more than 42,000 vehicles. The population in the area is over 200,000 within a five-mile radius of the property. Surrounding national retailers include Walmart Supercenter, Sam’s Club, Home Depot, Best Buy, Rooms To Go, Publix, Aldi, The Fresh Market, Ross, Michael’s, LA Fitness, PetSmart, Chili’s Grill + Bar, First Watch, Dunkin Donuts, Starbucks, Five Guys Burgers & Fries, Denny’s, Papa John’s and many more.
Sunrise, Florida is part of the Broward County metro area and contains a population of 1.9 million people. This Mattress Firm is 13 miles West of Fort Lauderdale, 36 Miles Northwest of Miami, and 55 Miles Southwest of West Palm Beach.
