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MATTRESS FIRMMOUNTAIN VIEW, CA
15-YEAR CORPORATE LEASE
MATTRESS FIRM
4.00%CAP
$7,425,600PRICE
2496 W EL CAMINO REAL, MOUNTAIN VIEW, CA 94040
15 year corporate lease w/ 10% rent increases every 5 years
Irreplaceable hard corner signalized intersection
Area rents are $75/ft, subject property rent is $60/ft.
$179,000 Average Household Incomes in 3-Mile Radius
Mountain View is home to Google Headquarters
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
LEASABLE SF4,906 SF
LEASE EXPIRATION12/31/2034
LEASE TYPECorporate
NOI*$297,024
YEAR RENOVATED2018
* Tenant has accepted the premises and there were no rent reductions requested. Store opening is scheduled for 12/1/18.
SURROUNDING RETAIL2
Overview
THE OFFERING consists of a brand new net leased Mattress Firm in Mountain View, on the Los Altos border (across the street). The property is located on a hard corner, signalized intersection with dominant visibility, unmatched retail synergy, and over 68,000 vehicles per day at the intersection. It is also one of the only properties in the area with dedicated parking and signage, which gives it a significant advantage over other single user retail sites in the area. The subject property is the access point to the other parcels from Showers Drive off El Camino. It is 1 of only 3 blocks in Mountain View with “Village Corner” zoning, providing for the highest density development possible along the El Camino.
Within just one block there is a Target, Walmart Supercenter, Safeway, Trader Joe’s, Whole Foods, Kohl’s and many other major retailers. Also within one block is a new 450,000 square foot office building leased to LinkedIn, a 168 room hotel, hundreds of apartment units, and an 8 screen cinema complex preleased to ICON Theaters, all built within the last year.
This will contribute to the upward rent pressure created by these recent developments coupled with the growth of Google driving jobs and people to the area. Tenant has recently filed Chapter 11 as a corporate reorganization strategy in order to shed their low performing stores and legacy contracts from their acquisitions, saving them millions of dollars per month in expenses, and creating a profitable enterprise.
Contact the team
294,000+ RESIDENTS WITH AVERAGE HOUSEHOLD INCOMES OF $178K+ WITHIN A 5-MILE RADIUS
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
JOHN [email protected]: 415.274.2715CA BRE# 01440360
SUBJECT PROPERTY
JUSTIN [email protected]: 415.274.7392CA BRE# 01895013
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Investment Highlights
RICK [email protected]: 415.274.2709CA BRE# 01792433
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Zoomed-Out Aerial
101
101
85
82
8282EL CAMINO REAL
JUNIPERO SERRA
BOULEVARDFOOTHILL
EXPRESSWAY
BAYSHORE FREEWAY
OREG
ON
EXPRESSW
AY
PAGE M
ILL ROA
D
SAN
D H
ILL
ROA
D
SAN ANTONIO ROAD
PALO ALTO MEDICAL
FOUNDATION
VA HEALTHCARE
FOOTHILL COLLEGE
CHALLENGER SCHOOL
STANFORD UNIVERSITY
STANFORD HOSPITAL
AND CLINICS
LOS ALTOS HIGH
SCHOOL
ALMOND ELEMENTARY
SPRINGER ELEMENTARY
COVINGTON ELEMENTARY
EGAN JR. HIGH SCHOOLTERMAN
MIDDLE SCHOOL
LUCILLE M. NIXON
ELEMENTARY
ESCONDIDO ELEMENTARY
JORDAN MIDDLE SCHOOL
EL CARMELO ELEMENTARY
PALO ALTO HIGH
SCHOOL
SAN FRANCISCO
45 MILES
40,500VPD162,000
VPD
230,000VPD
121,000 VPD
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Zoomed-Out Aerial
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43,000 VPD
SAN ANTONIO ROAD
EL C
AMIN
O RE
AL
RENGSTORFF AVENUE
CEN
TRAL EX
PRESSWAY
CALIFORNIA
LATH
AM S
TREE
T
82
STR
EET
STATE OF CALIFORNIA
PALO ALTO MEDICAL
FOUNDATION
SILICON VALLEY
COMMUNITY FOUNDATION
WALDORF SCHOOL OF THE
PENINSULA
COMMUNITY SCHOOL OF MUSIC AND
ARTS
CRESCENT PARK CHILD
DEVELOPMENT CENTER
SCHOOL FOR INDEPENDENT
LEARNERS
PORTNOV COMPUTER
SCHOOL
MOUNTAIN VIEW LOS
ALTOS MONTESSORI
SCHOOL
SAN FRANCISCO
45 MILES
40,500 VPD
11,000 VPD
43,000 VPD
Zoomed-In Aerial
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THE VILLAGE AT SAN ANTONIO
CENTER
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
BAY AREA FORTUNE 500 COMPANIES
Apple, McKesson, Chevron, Wells Fargo, Google, Intel, Hewlett Packard Enterprises, Cisco Systems, HP, Oracle, Gilead Sciences, Facebook, PG&E, Gap, Visa, Synnex, Western Digital, Ross Stores, Core-Mark Holdings, Paypal Holdings, Applied Materials, eBay, Netflix, Salesforce, Charles Schwab, Tesla, Nvida, Franklin Resources, Sanmina, Lam Research, Adobe Systems, Clorox, Symantec, NetApp, Robert Half, Yahoo
BAY AREA PRIVATE COMPANIES VALUED AT $1 BILLION+
Uber, Airbnb, Palantir Technologies, Pinterest, Dropbox, Stripe, Lyft, Houzz, Social Finance, Tanium. Credit Karma, Instacart, DocuSign, ContextLogic, Bloom Energy, Zenefits, Quora, reddit, Coinbase, Razer, 23andMe, Thumbtack, Clover Health, TangoMe, Rubrik, Automattic, AppDirect, Katerra, Carbon 3D, Adaptive Biotechnologies, Zoom Technologies, Zeta Interactive, Medalia, Procore Technologies, Nextdoor, Cloudflare, Glassdoor, Eventbright
NEARBY CITIES
City Population Median IncomeMountain View 77,600 $109k+Los Altos 30,100 $188k+ Palo Alto 66,650 $137k+San Jose 1.03 million $101k+Sunnyvale 152,700 $103k+Cupertino 60,300 $148k+Santa Clara 122,700 $102k+San Francisco 813,500 $103k+
SAN FRANCISCO BAY AREA San Francisco is the fourth most populous city in California, and the fourteenth most populous city in the United States.San Francisco has a diversified service economy, with employment spread across a wide range of professional services, including financial services, tourism, and high technology. The Bay Area has more Fortune 500 companies (36 with combined sales of $1.3 trillion) than any other U.S. region except New York City. This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or
warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
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About The Region
SAN FRANCISCO
VILLAGE AT SAN ANTONIO
The Village at San Antonio Station is a mixed-use development in Mountain View that sits on the southeast side of San Antonio Road just north of El Camino Real. The project is part of a 56-acre development that includes residential buildings, retail, hospitality and office properties. The two, six-story buildings offer a total of 456,760 rentable square feet with a potential to expand to 556,000 square feet in the future. The entire development offers over 20 restaurants, a 330-unit Carmel the Village apartments and a 168-room Hyatt Centric Village Hotel and Conference Center. The complex also has an eight-screen cinema, as well as two 24-hour fitness centers.
680 additional residential units are under construction in the area, as well as over 300 units planned across California Ave.
The office component, which WeWork just took over, has one building with roughly 218,000 square feet and the other with approximately 239,000 square feet. Facebook is expanding its Silicon Valley office presence via a massive lease with WeWork.
The proximity of the development to other corporate users offers some indication of the buildings’ overall opportunity. Google has a property just blocks away from the development, and the Stanford Research Park is just minutes to the north on El Camino Real.
This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 7
Immediate Area Development
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THE VILLAGE AT SAN ANTONIO CENTER IS A 20.6 ACRE DEVELOPMENT ACROSS THE STREET FROM THE SUBJECT PROPERTY
Surrounding Retailers
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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
SURROUNDING RETAIL
PRICE $7,425,600 Capitalization Rate: 4.00%
Total Rentable Area (SF): 4,906
STABILIZED INCOME PER SQUARE FOOTScheduled Rent $60.54 $297,024
Effective Gross Income $60.54 $297,024
LESS PER SQUARE FOOTTaxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $297,024
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Income & Expense
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
TENANT INFO LEASE TERMS RENT SUMMARY
TENANT NAME SQ. FT. CURRENT RENT
MONTHLY RENT
YEARLYRENT
MONTHLY RENT/FT
YEALYRENT/FT
Mattress Firm 4,906 1/1/2019 12/31/2024 $297,024 $24,752 $297,024 $5.05 $60.54
1/1/2024 12/31/2029 $27,226 $326,712 $5.55 $66.59
1/1/2029 12/31/2034 $29,945 $359,336 $6.10 $73.24
Option 1 1/1/2034 12/31/2039 $32,942 $395,304 $6.71 $80.58
Option 2 1/1/2039 12/31/2044 $36,235 $434,820 $7.39 $88.63
TOTALS: 4,906 $297,024 $24,752 $297,024 $5.05 $60.54
*Tenant has accepted the premises and is scheduled to open their store 12/1/18. No rent reduction or lease modification requests were sent to Landlord.
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Rent Roll
BASE RENT
DATE RANGE MONTHLY RENT ANNUAL RENT
1/1/2019 - 12/31/2024 $24,752 $297,0241/1/2024 - 12/31/2029 $27,226 $326,7121/1/2029 - 12/31/2034 $29,945 $359,336
OPTION RENTSDATE RANGE MONTHLY RENT ANNUAL RENT
#1. 1/1/2034 - 12/31/2039 $32,942 $395,304#2. 1/1/2039 - 12/31/2044 $36,235 $434,820
RENT
TENANT Mattress FirmBUILDING SF 4,906 SFLEASE TYPE CorporateTERM 15 YearsRENT COMMENCEMENT 1/1/2019EXPIRATION 12/31/2034OPTIONS Two 5-year options
PREMISES& TERM
TAXESTenant shall pay to Landlord Tenant’s share of all real property taxes.
INSURANCETenant shall reimburse Landlord, as Additional Rent, one hundred percent (100%) of the premiums paid by Landlord for Landlord’s Insurance. Tenant, at Tenant’s sole cost and expense, shall obtain and maintain in effect commencing with delivery of possession to Tenant, insurance policies providing for the following coverage: (i) all-risk property insurance, (ii) a commercial general liability naming Landlord as additional insured.
UTILITIES
Tenant agrees to pay all charges for utilities consumed at the Premises.
TENANT’S OBLIGATIONSTenant is responsible for all nonstructural portions of the premise including HVAC.
LANDLORD’S OBLIGATIONSLandlord is responsible for roof and structure.
EXPENSES
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
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Lease Abstract
Mattress Firm is the nation’s largest multi-brand mattress retailer with 2,800 stores across 49 states, Mattress Firm offers a broad selection of mattresses and bedding accessories, including leading manufacturersand brand names. Tenant has recently filed Chapter 11 as a corporate reorganization strategy in order to shed their low performing stores, saving them millions of dollars per month in expenses and creating a highly profitable enterprise.
In September 2016, Mattress Firm was acquired for $3.8 billion by Steinhoff International, a German international retail holding company, and now operates as a subsidiary of Steinhoff. With operations in 30 countries, Steinhoff International Holdings is the world’s largest multi-brand/multi-national mattress retail distribution network, and deals primarily with furniture and household goods.
ABOUT MATTRESS FIRM
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
REPRESENTATIVE PHOTO
3,500MATTRESS FIRM
LOCATIONS
#1NATION’S LARGEST
MATTRESS RETAILER
$8.57Billion
STEINHOFFMARKET
CAP
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Tenant Overview
POPULATION
1-MILE 3-MILES 5-MILES
2010 28,681 132,257 269,571
2018 33,602 146,868 294,118
2023 37,023 156,577 309,861
2017 HH INCOME
1-MILE 3-MILES 5-MILES
Average $142,913 $179,870 $178,653
Median $103,394 $124,757 $122,167
TOP EMPLOYERS
EMPLOYER # OF EMPLOYEES
Google 17,000
Symantec 2,800
Microsoft 1,700
Intuit 1,300
MOUNTAIN VIEW
SAN FRANCISCO (37 MILES)
THE AVERAGE HOUSEHOLD INCOME WITHIN A 3-MILE RADIUS
IS OVER $179K
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Demographics
SAN JOSE (15 MILES)
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MOUNTAIN VIEW,CALIFORNIA
MOUNTAIN VIEW is characterized by many as the “start-up” community of Silicon Valley with a strong innovative network that develops and supports the greater Mountain View community. Major companies with offices in the city include Google, Mozilla, Symantic, and Microsoft.
Mountain View enjoys a strong and diversified local, but globally connected, economy. Mountain View has a dynamic mix of businesses ranging from large corporate businesses located in the North Bayshore to small start-up companies in the Downtown Mountain View to national retailers at the San Antonio Shopping Center. The active transit and civic centers complement the diverse number of businesses.
SILICON VALLEY is a major center and global leader in the tech, biotech, internet, and ecommerce sectors. Home to numerious tech giants and startups, Silicon Valley is located
on the southern and western edges of the San Francisco Bay. California’s economy is the largest within the United States and 5th largest globally, with a gross domestic product of $2.5 trillion. Silicon Valley alone contributes 10.4% of California’s total GDP.
SILICON VALLEY
7 MILLION
BAY AREA POPULATION (ESTIMATED)
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
DOWNTOWN SAN JOSE
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Location Overview
We’d love to hear from you.
CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM:
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
JOE CACCAMOJOHN ANDREINI
ZANDY SMITH
DAVE LUCAS
RICK SANNER JACK NAVARRA
CHRIS KOSTANECKIZEB RIPPLE CHRIS PETERS
JOHN [email protected]: 415.274.2715CA BRE# 01440360
JUSTIN [email protected]: 415.274.7392CA BRE# 01895013
RICK [email protected]: 415.274.2709CA BRE# 01792433
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THE VILLAGE AT SAN ANTONIO