investment highlights · tenant mattress firm guarantor corporate address 209 tunnel road...

Asking Price: Cap Rate:

ASHEVILLE, NORTH CAROLINA

Mattress Firm

Asking Price: Cap Rate: Asking Price: Cap Rate: Asking Price: Cap Rate: Asking Price: $2,449,333Cap Rate: 7.50%

MICHAEL ZIMMERMAN + [email protected]

Attractive Investment+ 10% Rental Increases With Multiple Options to Renew+ Leading Mattress Retailer With Expanding Footprint+ Retail Site Directly Off I-240 (78K+ ADT)+ Company Sales of $3.6B+ in 2016 Alone

Ease of Accessibility+ Central MSA Location Between Washington, D.C. & Miami + Within 700 Mi. of 170M+ U.S. & Canadian Customers + 17K+ Daily Traffic Counts Along Tunnel Road+ Access to I-40 and I-26 & Direct Flights

Prominent Retail Location + Fast-Growing Urban Center With 450K+ Residents + Adjacent to Asheville Mall Along Tunnel Road+ Central Location Along Major Retail Corridor+ 10M+ Visitors & $2.9B+ Retail Sales Annually

Investment Highlights

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 1Mattress Firm + Investment Highlights

Tenant Mattress Firm

Guarantor Corporate

Address 209 Tunnel RoadAsheville, NC 28805

Asking Price $2,449,333

Cap Rate 7.50%

Annual Rent $183,700 ($41.75/SF)*

Year Built 2013

Building Size ± 4,400 SF

Lot Size ± 0.45 Acres

Lease Term 11 Years

Lease Type NN

Commenced October 1, 2013

Expiration September 30, 2024

Options 3 x 5-Year Options

Increases 10% in Years 6, 11 and Within Options 2 & 3

Landlord Roof, Structure & Parking Lot

Lease Summary

REPRESENTATIVE PHOTO

Rent ScheduleYears Annual Rent Increase1–5 (Base Term) $167,000 ($37.95/SF) None

6–10 (Base Term) $183,700 ($41.75/SF) 10.0%11 (Base Term) $202,070 ($45.93/SF) 10.0%

12–16 (Option 1) $202,070 ($45.93/SF) None

17–21 (Option 2) $222,277 ($50.52/SF) 10.0%

21–26 (Option 3) $244,505 ($55.57/SF) 10.0%

*Rent is scheduled to increase in October 2018. The seller will credit any difference at the time of closing.

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 2Mattress Firm + Lease Summary

Mattress FirmMattress Firm offers a broad selection of traditional mattresses and bedding accessories through over 3,500 company- operated and franchise-owned stores in 49 states. In February 2016, Mattress Firm completed the purchase of all the outstanding equity interests in the holding company of Sleepy’s, which totaled approximately $795.5 million. In August 2016, the company was purchased by Steinhoff International and now operates as a subsidiary of Steinhoff. With the largest geographic footprint in the country among multi-brand specialty mattress retailers, Mattress Firm not only provides superior sleep solutions, but opportunities in hundreds of communities nationwide. The company’s success and proven track record allows them to offer solid guarantees to further ensure customer satisfaction. Today, Mattress Firm has become the top specialty mattress retailer in the country, with fiscal 2016 sales of more than $3.8 billion. Thanks to the company’s extensive distribution network, Mattress Firm offers a distinct competitive advantage in an evolving omni-channel world.

Mattress FirmRetail Market Overview Asheville, North CarolinaTEXAS ROADHOUSE | INVESTMENT HIGHLIGHTSTEXAS ROADHOUSE | AERIALTEXAS ROADHOUSE | RIVERVIEW OVERVIEWTEXAS ROADHOUSE | HILLSBOROUGH COUNTY DEVELOPMENTgroundandspacepartners.com + 3Mattress Firm + Market Overview

Tunnel Road: 17,000 ADT

73,000 ADT

78,000 AD

T

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 4Mattress Firm + Aerial

Asheville Mall

The Peaks Opening June 2018

Tunnel Road

17,000 ADT

26,000 ADT

21,000 ADT

12,000 ADT

73,000 ADT

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 5Mattress Firm + Aerial

Open-air markets and independent boutiques with favorite national brands to provide a unique character for Asheville’s diverse retail scene. Visitors and residents can stroll through the city’s many tree-lined shopping districts to discover independent bookstores, vintage apparel, craft galleries and a mix of specialty shops and big-box stores.

Retail Market Overview

Asheville OutletsLocated just five minutes from downtown, Asheville Outlets is a premier shopping destination for shoppers looking for national brands at lower prices. Visitors can choose from more than 70 name-brand retailers including: Coach, J. Crew Factory, Nike Factory Store, Skechers, Brooks Brothers Factory Store, Vera Bradley, Cole Haan, RH Outlet, Dillard’s Clearance Center, Field & Stream and more. Stores offer everything from jewelry, home furnishings and outdoor gear to menswear, ladie’s apparel and sportswear. As shoppers walk from store to store under the covered breezeways, music fills the air. Wide pathways allow easy access, an ample seating offers the opportunity to take relaxing breaks in-between shopping adventures. The mall’s focal point is a beautiful fire and water fountain that serves as a central gathering place.

Biltmore Park Town SquareHumming with life, this vibrant town center in Asheville is a fresh re-imagining of the Main Streets of the past, made to meet today’s standards of smart growth, green living and reduced driving. This planned community features new condos, town homes and apartments, and is connected to exciting shops, lively restaurants, unique cafés, spas and healthclubs, a range of dynamic business and many more recreational activities. Visitors can discover retailers like LOFT, REI and Barnes & Noble sitting side by side with one-of-a-kind stores and a wide selection of Class A office space. A state-of-the-art YMCA, the Regal Biltmore Grand Stadium movie theatre and the luxurious

Hilton Asheville are just a few of the other amenities this development offers.

Grove ArcadeThe Grove Arcade was the grand dream of E.W. Grove, a self-made millionaire who first moved to Asheville in 1910. The building first opened in 1929, and—after being closed during World War II—was eventually fully resorted between 1999 and 2002 at a cost of around $20 million. The first floor of this historic structure features a public market with space for approximately 52 shops and restaurants. The second floor has 22,000 square feet of office space, and the top three floors hold 42 luxury apartments. The Grove Arcade on Battery Hill remains Western North Carolina’s largest commercial building and has become Asheville’s new Public Market, restored to its previous grandeur.

The PeaksA whole host of restaurants and retailers are on their way to Asheville at a new retail center opening in June 2018 called The Peaks. The project is situated on the site of a former UA theatre on a two-acre corner in Asheville’s busy retail area along Tunnel Road (Highway 70). This site is across from the Asheville mall and will offer 12 restaurant and retail spaces totaling 33,517 square feet (retailers include Chipotle and Sleep Number). The Peaks is a lifestyle-driven center that will sport a unique look and feel with its contemporary mountain style with natural finishes. There will be storefronts on both sides of the center to activate the street with a pedestrian-oriented design, and a plaza space will be provided for outdoor dining with stunning mountain views.

Located within walking distance of this Mattress Firm site, the Asheville Mall is the largest mall in Western North Carolina with over 130 retailers, 15 eateries and 974,465 square feet of retail space. The shopping center features many specialty retailers and is anchored by Belk, Dillard’s and JCPenney. The mall includes a two-story Barnes & Noble along with other popular national brand stores like Ulta Beauty, Banana Republic, Build-A-Bear Workshop, H&M, Earthbound Trading Company, Eddie Bauer and Victoria’s Secret. The Asheville Mall is conveniently located along Tunnel Road just off Exit 7 on Highway 240 in East Asheville, and serves as the primary regional mall for residents living in Western North Carolina. A proposed $45 million redevelopment project in and near the mall’s former Sears store shows the addition of restaurants, retail stores, a 10-screen multiplex movie theatres and a six-story structure with 204 multi-family housing units—all in the hopes of turning the Asheville Mall into a unique mixed-use shopping destination.

Asheville Mall Development Plans

Grove Arcade

The Peaks (Opened June 2018) Biltmore Park Town Square

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 6Mattress Firm + Retail Market Overview

Mattress FirmAsheville Overview

Asheville, North Carolina

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 7Mattress Firm + Asheville Overview

Asheville OverviewAsheville’s rich architectural legacy with its mix of Art Deco, Beaux Arts and Neoclassical styles is the perfect retro-urban backdrop to the edgy energy that emanates from this thriving mountain city. Asheville features aneclectic downtown, a burgeoning culinary and live music scene, a wide variety of outdoor activities—all against the backdrop of the Appalachian Mountains.

Vibrant Music SceneDowntown Asheville fills frequently with costumed actors, artists, musicians and avant-garde performers that take part in street festivals and impromptu celebrations. The city plays host to annual events such as Shindig on the Green, an outdoor bluegrass festival. During the summer months, Downtown After Five draws both local and national musical talent to free street parties every third Friday afternoon, and, in August, LEAF Downtown hosts two days of music and performing arts in Pack Square Park.

Outdoor ActivitiesA masterpiece of the National Park System, the Blue Ridge Parkway skirts Asheville as it winds 469 miles from Shenandoah National Park to the Great Smoky Mountains National Park. Among these high mountain peaks, visitors will find opportunities for hiking, biking, rafting, paddling and zip lining.

Historic Biltmore EstateAsheville’s crown jewel, Biltmore, was created by George Vanderbilt in 1895 as a retreat reminiscent of the grand castles and estates of France and Britain. This 250-room French Renaissance-style estate is the largest private home in America, and is filled with the original furniture, art and artifacts collected by Vanderbilt himself (including portraits by Sargent, Renoir and Whistler, as well as 20,000 rare book and five priceless 16th-century Flemish tapestries). Beyond the Biltmore House and grounds is Antler Hill Village, home to Biltmore’s winery and The Biltmore Legacy, an intimate permanent exhibit hall displaying personal artifacts and stories of the Vanderbilt family. The ultimate Biltmore experience, however, is being an

overnight guest at the four-star, four- diamond Inn on Biltmore estate.

Food Lovers’ ParadiseAsheville chefs look to the mountains—and dig into the region’s deep roots—for food that is as delicious as it is authentic and true to this place. Greens, beans and corn bread have never tasted so good. Neither have Spanish tapas or Indian street food—just two of the cuisines that have earned local chefs nominations for James Beard Awards. Foodies can also sample classic French fare and Middle Eastern platters, slow-smoked ribs and Korean BBQ, Caribbean stews and Latin favorites. As new interpretations of heritage cuisine enhance Asheville’s dining scene, chefs find endless inspiration in local vegetables, fruits and cheeses.

Craft Beer CenterToday, Asheville cheers its reputation as one of America’s top craft beer centers, among the cities with the most breweries per capita (38 and counting). Combine a pristine water source with a supportive, close-knit community, and you’ve got the recipe for a robust brewing scene. Highland Brewing Company, Green Man Brewery and Asheville Brewing Company first tapped into the city’s thirst for craft beer in the 1990s. Local favorites Wedge Brewing Co. Burial Beer Co. have been joined by new generation breweries like Catawba, Wicked Weed, French Broad and Hi-Wire Brewing. Colorado’s New Belgium and California’s Sierra Nevada recently built East Coast facilities in the Asheville area, and unique breweries are always bubbling up across the region, from Woodfin and Weaverville to Black Mountain and everywhere in between.


Best State for BusinessThe state’s prime location and

outstanding economic assets puts businesses within 700 miles of 170

million U.S. and Canadian consumers.

Highly Populated AreaRetailers in Asheville is a fast-

growing urban center with access to a population of more

than 450,000 residents.

Strategic LocationAsheville is easily accessible to all major East Coast markets thanks

to its central location between Washington, D.C. and Miami.

Highly Desirable MarketThe Asheville market area sees 10M+ visitors annually, which

generates $2.9B+ in gross business and retail sales.

Asheville

Buncombe County sits at the crossroads of Interstate 40 and Interstate 26, providing easy accessibility to markets along the East Coast. This strategic location provides direct connections to Interstates 81, 85, 77 and 95. The Port of Charleston (250 miles), Port of Savannah (285 miles) and Inland Port Greer (67 miles) can also be accessed by a direct Interstate or rail connection.


Asheville Highlights

Lawrenceville

Garfield

Neighborhood OverviewVenture off the beaten path to meet the locals, artisans and business owners outside of the downtown Asheville center who make this place truly unique.

Downtown and South SlopeCompact, walkable and full of personality, the historic city center is always up to something. Vestiges of an earlier building boom, ornate architectural masterpieces set an elegant backdrop—with the most Art Deco buildings in a southeastern city outside of Miami—while street musicians and performers provide a lively soundtrack for more than 150 restaurants, galleries and boutiques.

Downtown & South

Slope

River Arts District

WestAsheville

HistoricBiltmoreVillage

West Asheville and River Arts DistrictFrom tattoo parlors to fine dining, anything goes in the city’s laid-back western half, with an eclectic array of independent eateries, shops and music venues clustered along Haywood Road. Down the hill, in the warehouse zone along the French Broad River, River Arts District (RAD) is as much an attitude as an acronym for this colorful arts district.

Historic Biltmore VillageJust outside the gates of Biltmore Estate, this picturesque village abounds in stories old and new. Once the town of Best—when employees of George W. Vanderbilt resided here—the neighborhood now houses an intriguing mix of local boutiques and national brands in its historic Tudor-style buildings. Farther south, Biltmore Park glistens with sidewalk cafés and high-end retail shops.

Bustling Small TownAll within a three-block area in downtown Asheville, locals and tourists alike can admire Art Deco architecture, catch an original play, dine al fresco, shop at independent and national boutiques, sip on a beer from the area’s many microbreweries, watch an artist at work and so much more. On the outskirts of town, the surrounding Blue Ridge Mountains and French Broad River offer an outdoor respite from the hustle and bustle of the city’s core. It’s easy to see why makers and doers, adventurers, creatives, families, professionals and people of all backgrounds choose a place like Asheville to call home.

Awards and AccoladesNo. 1Best in the U.S.Lonely Planet, 2017No. 1Best Places to Visit in the U.S.Today, 2017No. 3Best Smalls Towns to Visit in the U.S.A.U.S. News & World Report, 2017No. 17Best Places in the World to Travel ToEsquire, 2017No. 10Best Cities in the U.S.Travel & Leisure, 2016No. 10Best Small Cities in the U.S.Condé Nast Travel, 201610.9 MillionVisitors to the Asheville AreaTourism Economics, 20161 in 7Jobs Supported by VisitorsTourism Economics, 2016

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 10Mattress Firm + Neighborhood Overview

Mattress FirmEconomy & Tourism Overview

Asheville, North Carolina

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 11Mattress Firm + Economy & Tourism Overview

Asheville Economic OverviewThe four-county Asheville metropolitan area is a diverse $18.2 billion economy and a great place to do business. The region is well-educated with nationally recognized schools, close proximity to most major cities, direct access to Interstate 26 and Interstate 40, and the connected Asheville airport with direct flights to Washington, D.C. and New York. With industries ranging from healthcare, science and technology, fine arts and tourism, Asheville’s economy is strong and constantly growing.

Best State for BusinessNorth Carolina consistently ranks as one of the best states in the country to do business. As the largest city in Western North Carolina, Asheville both contributes to and benefits from the state’s superior business assets. The state’s prime location puts businesses within 700 miles of 170 million U.S. and Canadian consumers, and more than half of the U.S. population is only a one-day’s drive away.

Central Southeast LocationTaking advantage of a central location midway between Washington, D.C. and Miami, Asheville is easily accessible from all major East Coast markets, including Canada. Operating in the Eastern Time Zone, the Asheville MSA offers access via same-day communication and direct flights to ten major East Coast cities. Surrounded by Appalachia’s Blue Ridge and Great Smoky Mountains, and is home to a slice of the Blue Ridge Parkway. Asheville has claimed its place as an iconic destination deep in the southern highlands that is as convenient as it is scenic.

Fast-Growing MSAAsheville is positioned as the hub of four counties that make up the Asheville MSA: Buncombe, Madison, Haywood and Henderson. Experiencing steady growth fueled by the city’s key industries, the Asheville metropolitan area is at the center of this dynamic progress, and has access to a population of more than 450,000 residents. With its vast number of opportunities and

attractive lifestyle, the Asheville MSA continues to draw and retain an exceptionally robust workforce.

Ease of AccessibilityAsheville’s proximity to major highways, railways, ports and airports create seamless and efficient worldwide travel and shipping. Located just two hours from Charlotte and one hour from Greenville, South Carolina, Asheville provides easy access to and from metropolitan areas. The Asheville Regional Airport is the top-connected non-hub airport in the country and makes connecting to global destinations easy. Just 10 miles from downtown, the airport provides 11 direct flights to Atlanta, Charlotte, Chicago, New York, Fort Lauderdale, Orlando and Washington, D.C., and serves more than 750,000 passengers each year.

Commercial BuildingConstruction sector jobs in the Asheville area rose 23 percent between 2012 and 2017. The city developed designated innovation districts, including Charlotte Street Corridor, River Arts District, South Slope and the Central Business District. Mission Hospital added a new, $400 million, 12-story tower, and A-B Technical College’s Ferguson Center now houses 18 Allied Health programs in its new 169,543 square foot building. Recent expansions include Avadim Technologies, which has plans to add 551 new jobs and build a 100,000 square foot headquarters in the Black Mountain Commercial Park area.

Awards and AccoladesNo. 1Best in the U.S. DestinationLonely Planet, 2017 Top-RankedBest Places for Business & CareersForbes, 2017No. 3Best State for BusinessChief Executive Magazine, 2017No. 3World’s Best Cities for MillennialsMatadornetwork.com, 2016Top Southern MarketBest Mid-Market (South) for HQ RelocationSouthern Business & Development, 2016

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 12Mattress Firm + Asheville Economic Overview

Job Growth in AshevilleFrom July 2010–2015, 33 companies announced $1 billion in capital investment, averaging $200 million per year. These companies added a total of 6,385 new jobs—direct, indirect and induced—to Buncombe County and the Asheville economy. Economic development initiatives—like the Asheville 5x5 Campaign—have helped attract and retain jobs that improve career opportunities, expand key industries and boost the area’s economy.

Advanced ManufacturingA product of the area’s extensive experience in craftsmanship and innovation, Asheville’s advanced manufacturing cluster stems from the artisan handcrafts perfected during the time of the Vanderbilts. Today, Asheville manufacturers are shaping a new era of technically advanced skills across a diverse range of high-growing industries. From metalworking and textiles to precision cutting tools, the city’s modern manufacturing workforce is home to hundreds of manufacturers of all sizes, job opportunities, workforce training programs and cross-industry collaboration. This supportive environment, along with Asheville’s favorable economic climate, continue to attract manufacturing giants like GE Aviation and Linamar Corporation, making the area a global competitor in today’s advanced high-tech marketplace.

Science and TechnologyAsheville’s science and technology industries are world-renowned. The city’s businesses regularly work together to seek new ideas, solve global problems and launch state-of-the-art tools and programs. Asheville’s access to a diverse and highly-skilled talent pool, broadband infrastructure, colleges and busi-ness-friendly technical schools has made this region a top choice for companies involved in climate science, cloud computing, data management and more.

HealthcareAs the largest industry in the Asheville MSA, the city’s healthcare presence is cutting-edge, esteemed and cost-effective. Responsible for 20 percent of the area’s employment, healthcare and health-related operations are the embodiment of service to the community. With a host of world-class providers, research institutions and community organizations, companies that operate in the commercial healthcare, medical technology and pharmaceutical fields have a world of support on which they can rely. Leading Asheville’s reputation for quality care and leading technologies is Mission Health, the area’s largest employer. Consistently ranked as one of the best hospital systems in the country, Mission Health is vital to the area’s economic well-being and continues to push the Asheville healthcare industry forward with their state-of-the-art practices across a variety of focus areas.

Talent and WorkforceThanks in part to an attractive lifestyle and the city’s beautiful surroundings, Asheville attracts qualified talent from across the country and remains an easy hometown choice for long-term residents and students. The area’s fastest-growing demographic—the 20–34 age group—grew 24 percent in the city of Asheville and 10 percent in the Asheville metropolitan area between the years of 2010 and 2015.

Aircraft engine supplier GE Aviation plans to invest $105 million into its Asheville operations, creating 131 jobs to support its new technology, machinery and additional equipment. The company broke ground on its $126 million facility in 2013, and opened it the following year. GE Aviation said components manufactured in this Asheville facility have contributed to an estimated $150 billion “industrial backlog for GE engines worldwide,” with demand expected to increase within the next decade.

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 13Mattress Firm + Job Growth in Asheville

Higher Education Overview

UNC AshevilleAs the only dedicated liberal arts institution in the University of North Carolina system, UNC Asheville kindles learning by offering students an intellectually rigorous education that builds critical thinking and workforce skills. Small class size, award-winning faculty and a nationally acclaimed undergraduate research program foster innovation as well as recognition. The university features more than 30 majors and is home to more than 4,200 undergraduate and graduate students, as well as 330 full- and part-time faculty members. UNC Asheville ranks first nationally on the “Best Schools for Making an Impact” list as part of the new Princeton Review guidebook, Colleges That Pay You Back: The 200 Best Value Colleges and What It Takes to Get In (2016 edition). The university is one of the nation’s best values in public colleges, having the sixth lowest total cost of attendance for in-state students, and the 21st lowest average debt among graduates of public universities nationally.

Western Carolina UniversityAs the westernmost institution in the University of North Carolina system, Western Carolina University (WCU) provides comprehensive educational opportunities to residents in the state’s western region and attracts students from around the globe to explore the region’s vast natural diversity. Founded in 1889 as a teaching college, WCU now provides an education to more than 11,000 students in undergraduate and graduate programs. The university focuses its undergraduate, master’s and three doctoral programs, educational outreach, research, creative and cultural activities to sustain and improve individual lives and enhance economic and community in Western North Carolina and beyond. WCU provides more than 115 undergraduate majors and concentrations, along with more than 60 graduate programs with a focus on high-demand degrees in subjects like engineering, science, healthcare, education, humanities, business and the arts.

With plentiful access to public, private and institutions of higher education, Asheville’s top-notch school system is continuously recognized nationally. Schools such as UNC Asheville and Western Carolina University are producing brilliant minds that think outside the box.

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 14Mattress Firm + Higher Education Overview

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

Estimated Population 4,640 48,493 91,184

2022 Projected Population 5,053 51,690 97,058

2010 Census Population 4,144 44,214 83,208

2000 Census Population 3,902 40,525 75,931

Projected Annual Growth (2017–2022) 1.72% 1.29% 1.26%

Estimated Households 2,385 21,729 39,946

2022 Projected Households 2,593 23,154 42,456

2010 Census Households 2,154 19,908 36,695

2000 Census Households 1,990 18,216 33,359

Projected Annual Growth (2017–2022) 1.69% 1.28% 1.23%

Est. HH Income $200,000+ 2.00% 3.10% 4.00%

Est. HH Income $150,000-$199,999 3.00% 2.70% 3.10%

Est. HH Income $100,000–$149,999 11.20% 9.30% 10.00%

Est. HH Income $75,000-$99,999 10.90% 9.40% 9.80%

Est. HH Income $50,000–$74,999 19.70% 16.50% 17.00%

Est. HH Income $35,000–$49,999 15.30% 14.10% 15.20%

Est. HH Income $25,000–$34,999 12.10% 12.80% 12.20%

Est. HH Income $15,000–$24,999 12.80% 13.90% 13.20%

Est. HH Income Under $15,000 13.00% 18.20% 15.70%

Est. Average Household Income $60,881 $59,215 $64,563

Est. Median Household Income $45,952 $39,369 $42,646

Est. White 76.40% 46.30% 79.60%

Est. Black 17.40% 17.30% 12.50%

Est. Asian or Pacific Islander 1.70% 1.40% 1.40%

Est. American Indian or Alaska Native 0.30% 0.40% 0.40%

Est. Other/Multiple Races 4.10% 4.50% 6.10%

Est. Hispanic Population 3.20% 4.80% 7.30%

PO

PU

LATI

ON

INC

OM

ER

AC

E

Demographics

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 15Mattress Firm + Demographics

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Ground + Space and should not be made available to any other person or entity without the written consent of Ground + Space. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Ground + Space has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Ground + Space has not verified, and will not verify, any ofthe information contained herein, nor has Ground + Space conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.


ASHEVILLE, NORTH CAROLINA

Mattress Firm


Michael Zimmerman919.391.9901 [email protected]




Asking Price: Cap Rate: Asking Price: Cap Rate: Asking Price: $2,449,333Cap Rate: 7.50%

MICHAEL ZIMMERMAN + [email protected]

investment highlights · tenant mattress firm guarantor corporate address 209 tunnel road...

Documents