Bank

Citibank Ground Lease (Mattress Firm Sublease)

691 Brook Forest Ave, Shorewood, IL 60404

Listing Price: $3,252,000

Cap Rate
8.00%
Tenant Name
Mattress Firm
Years Remaining On Lease
1.80
Guarantor
Corporate Guarantee
Rentable SF
4,800
Lease Type
NNN Ground Lease
Rent Per Square Feet
$54.20

Investment Overview

Mattress Firm operates and franchises over 2,000 stores through its brands including Mattress Firm, Sleepy’s, and Sleep Train across 49 states with 80 distribution centers. Mattress Firm, Inc. is an operating subsidiary of the parent company, Mattress Firm Holding Corporation, which was acquired by Steinhoff International Holdings N.V. for $3.8 billion as of September 2016. Shorewood is a village in Troy Township, Will County, Illinois, located at the intersection of I-80 and I-55. The Village of Shorewood has easy access to the Chicago loop, which is only forty minutes north on I-55. The population as of 2019 was estimated to be just over 17,500 people. Growing out of its origins as a resort community along the scenic DuPage River, Shorewood has emerged as a regional leader in high-caliber residential development. Shorewood has beautifully equipped parks and a town center that boasts a splash park,and bandstand on a series of lakes.

Investment Highlights

  • Absolute Triple-Net (NNN) Ground Lease
  • 10% Rental Increases Every 5 Years
  • Value Add Opportunity - Future Landlord Has a Number of Different Avenues to Increase NOI
  • Oversized Parcel – Site Can Be Split Into 2 Single-Tenant Parcels of Approximately .86 Acres Each or Be Redeveloped As-Is to Accommodate a Larger Building
  • Buyer Will Collect Rent Through 2022 - Approx. $500K in Rent Remaining to Be Paid
  • Future Landlord May Renegotiate and Extend Mattress Firm in October 2022 When Citibank Lease Expires

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    License(s): IL: 471.011175

    Illinois

Bank

Citibank Ground Lease (Mattress Firm Sublease)

Listing Price: $3,252,000

Cap Rate
8.00%
Tenant Name
Mattress Firm
Years Remaining On Lease
1.80
Guarantor
Corporate Guarantee
Rentable SF
4,800
Lease Type
NNN Ground Lease
Rent Per Square Feet
$54.20

Investment Highlights

  • Absolute Triple-Net (NNN) Ground Lease
  • 10% Rental Increases Every 5 Years
  • Value Add Opportunity - Future Landlord Has a Number of Different Avenues to Increase NOI
  • Oversized Parcel – Site Can Be Split Into 2 Single-Tenant Parcels of Approximately .86 Acres Each or Be Redeveloped As-Is to Accommodate a Larger Building
  • Buyer Will Collect Rent Through 2022 - Approx. $500K in Rent Remaining to Be Paid
  • Future Landlord May Renegotiate and Extend Mattress Firm in October 2022 When Citibank Lease Expires

Investment Overview

Mattress Firm operates and franchises over 2,000 stores through its brands including Mattress Firm, Sleepy’s, and Sleep Train across 49 states with 80 distribution centers. Mattress Firm, Inc. is an operating subsidiary of the parent company, Mattress Firm Holding Corporation, which was acquired by Steinhoff International Holdings N.V. for $3.8 billion as of September 2016. Shorewood is a village in Troy Township, Will County, Illinois, located at the intersection of I-80 and I-55. The Village of Shorewood has easy access to the Chicago loop, which is only forty minutes north on I-55. The population as of 2019 was estimated to be just over 17,500 people. Growing out of its origins as a resort community along the scenic DuPage River, Shorewood has emerged as a regional leader in high-caliber residential development. Shorewood has beautifully equipped parks and a town center that boasts a splash park,and bandstand on a series of lakes.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    License(s): IL: 471.011175

    Illinois

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