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8/16/22
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A two-tenant, net-leased investment occupied by Mattress Firm and Club Champion in Palm Desert traded for $5 mil. The property is located on an outparcel to a Walmart Neighborhood Market on Highway 111.
Built in 2019, the 6.8k sf property is located on a 0.18-acre parcel at 72306 Highway 111. Mattress Firm occupies 3.8k sf while Club Champion has a 3k sf space.
Situated at the signalized intersection of Highway 111 and Fred Waring Drive, the property is an outparcel to a Walmart Neighborhood Market, with other tenants in the center including Shell Gas Station, Jiffy Lube, Marriot SpringHill Suites Hotel, and a future two-tenant shop building. The shopping center is surrounded by national credit tenants, including Target, Whole Foods Market, Nordstrom Rack, PGA Superstore, Trader Joe’s, Best Buy, Ross Dress For Less, T.J. Maxx, Marshalls, HomeGoods, Bed Bath & Beyond, Five Below, ALDI, and others.
Eric Wohl and CJ Kiehler with Hanley Investment Group Real Estate Advisors represented the buyer, a private investor based in Salt Lake City, and seller, Sage Investco, a developer based in Newport Beach.
Mattress Firm is the nation’s largest omni-channel mattress specialty retailer with more than 2,300 stores across 49 states. In fiscal year 2021, Mattress Firm recorded net revenues of nearly $4.4 bil, up 35% from the prior year, while its comparable sales increased 36.1% year over year. Mattress Firm is owned by Steinhoff International, a global retail holding company, and recently filed for IPO.
Club Champion is an international club fitting retailer with over 100 locations in the United States, Canada, United Kingdom, and Australia. According to the company, every Club Champion studio features at least two indoor hitting bays with TrackMan launch monitors for analyzing performance, a SAM PuttLab system to find the perfect putter, and a build shop for repairing and assembling golf clubs by hand. The roughly 3k sf spaces also include a demo matrix to display the head and shaft options that make up their 50,000 hittable combinations. In 2019, Club Champion was purchased by Levine Leichtman Capital Partners, a Los Angeles-based private equity firm with $9 bil in assets under management.
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