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JLL is pleased to exclusively offer the opportunity to acquire the fee simple interest in a recently constructed, three-tenant strip center leased to Sleep Number and Nothing Bundt Cakes in Mobile, AL (the property). The 7,000+ SF building is situated on a 0.73-acre outparcel that features thirty-two parking spaces. The building is divided into three units, and contains a 1,955 SF vacant unit, enabling investors to lease up the space and capitalize on additional rental income.
Sleep Number, the anchor tenant, relocated from its original in-line space within the mall and is now operating on a corporate lease with more than 3.5 years of term remaining. Nothing Bundt Cakes is set to begin a brand new, 10-year term towards the beginning of 2021. With an average remaining lease term of 6.5+ years and a roof warranty in place until 2037, investors can benefit from this value-add opportunity with minimal downside risk.
- Sleep Number and Nothing Bundt Cakes are operating in a recently constructed, three-tenant strip center with an average remaining term of 6.5+ years. The building is inclusive of a 1,955 SF vacant space and long-term roof warranty, offering investors a value-add, lease up opportunity with minimal downside risk.
- Sleep Number recently achieved strong quarterly earnings – per their Q3 2020 report, net sales grew 12% to a record $531 million and operating income grew 78% to $70 million. Sleep Number relocated from a former, in-line space within the mall, showing a commitment to the location.
- The three-tenant strip center benefits from excellent visibility along Airport Boulevard (CR 56), a major thoroughfare which boasts 28,000 VPD. Additionally, it has tremendous accessibility, as it sits a half mile from Exit 3 off I-65, which is home to over 102,000 VPD.
- The Property is located in a dense demographic area. There are nearly 175,000 people within a 5-mile radius. Further, Mobile was tagged as the best midsize city in the U.S. for Starting and Growing a Business (Entrepreneur Magazine).
- Other nationally recognized retailers with locations along Airport Boulevard (CR 56) or in the surrounding area include Walmart Supercenter, Lowe’s, Sam’s Club, Burlington, Belk, Michaels, Big Lots, Chick-fil-A, Starbucks, Wendy’s, Burger King and Firestone among others.