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JUST CLOSED: $3.2M NNN 1031 Sleepy’s Investment

October 15, 2014 by TMO Leave a Comment

We are proud to announce another investment property closing!

Thomas Morgan, CCIM represented an all cash 1031 exchange buyer in the purchase of a net leased property in Winston-Salem, NC.

The $3,265,000 all cash sale closed in 29 days. The property is leased to Sleepy’s on a net leased basis for 12 years. The 1031 investor exchanged from a management intensive industrial/retail property to this hands-off, long term, low risk NNN investment.

The property was a 2014 build to suit for Sleepys and has phenomenal location characteristics with high traffic counts and visibility in the dominant retail corridor.

sleepys NNN

Sleepy’s LLC is a privately owned four-generation mattress retail company founded in 1931 in Brooklyn, New York, the company currently has over 2,900 employees. Sleepy’s is the second largest specialty mattress retailer and the largest bedding retailer in the US.

The seller was represented by Pegasus Investments out of Beverly Hills, CA.

Please contact Thomas Morgan, CCIM for cap rate details or for information and availability of other triple net 1031 investments. 1-866-539-1777

Other recent closings include a remodel to suit 15 year net leased Arby’s, several NNN Dollar Generals and a long term NNN 7-Eleven ground lease.

Get 1031 Exchange Property Information

Property Highlights
− Corporate lease with Sleepy’s, LLC
− Additional guaranty from HMK Mattress Holdings, LLC (parent co.)
− Brand new trophy quality construction
− High impact site plan (building built right up to the lot line fronting Hanes Mall Blvd.)
− 12 year lease term with minimal landlord responsibilities

Location Highlights
− A+ location within the heart of Winston-Salem’s Hanes Mall retail core
− Irreplaceable Sam’s Club outparcel property
− Phenomenal site lines and visibility
− Excellent access from both Hanes Mall Blvd. & Stratford Road
− Nearly 500,000 population and $64k average household income within primary trade area
− Surrounded by super regional anchors including Costco, Sam’s Club & Target
− New $20 million “The Lofts” development under construction down the road brining new population
− Shared drive aisle access with Sam’s Club, Chick-Fil-A, Verizon, Jared Jewelers, PetSmart & Gander Mtn.

Tenant Highlights
− Sleepy’s, LLC is the largest bedding retailer and the second largest mattress retailer in the United States
− Tenant current employs~2,900professionals
− Tenant has over 900 retail locations in sixteen states from Maine to North Carolina, primarily in the
Northeastern, Mid-Atlantic and the Midwest
− 10 distribution centers located throughout the country delivering over 3,000 mattresses daily
− In 2009, Sleepy’s was named the fastest-growing furniture retailer in the US

Filed Under: | 1031 Exchanges |, | NNN Triple Net Properties |, 1031 Exchange Property and 1031 Exchange Real Estate, NNN and Triple Net Properties, SOLD Tagged With: 1031, nnn, sold, triple net

About TMO

Thomas Morgan aka TMO is obsessed with existing buildings that are old, historic, unique or rundown and turning them into something useful while making a decent rate of return in the process.

As a real estate "redeveloper", investor, broker and appraiser, Thomas has been involved with over a half billion dollars of investment real estate nationwide.

Thomas lives near Aspen, CO and loves spending time in the mountains with his wife, daughters and pups.

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1031 Exchange Properties

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NNN 1031 Nationwide.

Call 1-866-539-1777 or email us.

1031 Exchange Properties

More 1031 Exchange Info

Who pays Closing Costs? State by State Guide

Who pays Closing Costs? State by State Guide

Let’s Make a Deal! – Client looking to trade free and clear assets

Let’s Make a Deal! – Client looking to trade free and clear assets

What is Triple Net NNN? Triple net lease definition

What is Triple Net NNN? Triple net lease definition

NET LEASED PROPERTIES for sale

NET LEASED PROPERTIES for sale

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