Sleep Number

215 Pottstown Pike, Exton, PA
Deal Type:
Net Lease
Price:
$4,444,444
Cap Rate:
6.75%
Current Rent:
$300,000
Lease Type:
DoubleNet
Landlord Responsibilities:
Roof and Structure
Renewal Options:
Two, 5-year options
Building Sq. Ft.:
4,000 SF
Rent Increases:
10% every 5 years
Site Size:
.52 Acres

Investment Highlights

  • New 10 year lease with 10% rent increases every 5 years guaranteed by Sleep Number Corporation (NASDAQ: SNBR)
  • Relocation store from within Exton Square Mall evidencing strong historical performance and market profitability
  • Outstanding company growth – revenue and net income increased by 11% and 18%, respectively, from 2018-2019. Sleep Number projects to growth same store sales between 4%-5% through 2025
  • Sleep Number Corp. was profitable through the first 6 months of 2020 with sales of $757mm and net income of $26.5mm
  • Sleep Number has averages sales of $1,034 per square foot -projecting over $4.1mm in sales at the subject location
  • Shadow anchor to recently constructed Whole Foods Market
  • Situated at the entrance to Exton Square, a 1,088,000 SF enclosed shopping mall
  • Established retail trade area featuring Whole Foods, Walmart, GIANT Food Stores, Kohl’s, Aldi, Panera, McDonald’s, CVS, and Chipotle, among others
  • Affluent consumer base with average household income of$146,900. Exton is located in the wealthiest county in PA
  • Over 1,700 luxury apartment units within 1-mile providing dense consumer base
  • Frontage to Pottstown Pike (35,800 VPD), a major commuter and retail thoroughfare connecting Exton to the PA Turnpike (50,300 VPD) and Exton Bypass (58,300 VPD)

Listing Agents

Graham Gold

Vice President
314 324 8792
graham@stream-cp.com

Jordan Shtulman

Managing Principal
847 226 4133
jordan@stream-cp.com

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