Investment Highlights
- Tenant Has Operated From This Location for More Than 20 Years
- Long-Term, Triple Net (NNN), Corporate Guaranteed Lease
- Lease was Extended an Additional Eight Years, Commencing April 1, 2022
- Two, Five-Year Tenant Renewal Options With 12 Percent Rent Increases Every Five Years in Option Periods
- Conveniently Located at the Main Entrance to Indian River Mall, Anchored by Dillard’s, JCPenney and AMC 24-Screen Theatre
- Excellent Access and Visibility to More Than 28,000 Vehicles Daily on 20th Street
- Average Household Income is $83,317 in One Mile of the Property, and $85,303 in Five Miles
- Surrounding National Retailers Include Walmart Supercenter, Lowe’s, The Home Depot, Sam’s Club, Publix, Target, City Furniture, Rooms To Go, Bed Bath & Beyond, Ross, Marshall’s, HomeGoods, Best Buy, Five Below, Petco, Bank of America, Wells Fargo, Wendy’s, Chipotle, Chick-fil-A, Applebee’s, Outback Steakhouse, Olive Garden, Walgreens, CVS and Many More
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire Mattress Firm in Vero Beach, Florida. The tenant has been in place for approximately 20 years, showing a strong commitment to the site. This Mattress Firm has a long-term, triple net corporate lease which the tenant recently extended an additional eight years, commencing April 1, 2022. There are two, five-year tenant renewal options with twelve percent rent increases every five years in option periods.
The Subject Property is located on 20th Street with a daily traffic count of more than 28,000 vehicles. The average household income is $83,317 in one mile of the property, and $85,303 in five miles. The property is one and a half miles from Indian River State College with a total enrollment of 25,713 students across five campuses, three miles from Vero Beach’s Downtown area and Vero Beach Regional Airport, and less than a mile from Vista Plantation Golf Club.
This Mattress Firm is conveniently located at the main entrance to Indian River Mall, anchored by Dillard’s, JCPenney and AMC 24-Screen Theatre. Surrounding national retailers include Walmart Supercenter, Lowe’s, The Home Depot, Sam’s Club, Publix, Target, City Furniture, Rooms To Go, Bed Bath & Beyond, Ross, Marshall’s, HomeGoods, Best Buy, Five Below, Petco, Bank of America, Wells Fargo, Wendy’s, Chipotle, Chick-fil-A, Applebee’s, Outback Steakhouse, Olive Garden, Walgreens, CVS and Many More.
