MATTRESS FIRM 15-YEAR CORPORATE LEASE - MOUNTAIN VIEW, CA - LoopNet
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MATTRESS FIRM 15-YEAR CORPORATE LEASE MOUNTAIN VIEW, CA
Overview
MATTRESS FIRM
2496 W EL CAMINO REAL, MOUNTAIN VIEW, CA 94040
$7,425,600 4.00%
PRICE CAP
LEASABLE SF NOI* LEASE TYPE
4,906 SF $297,024 Corporate
LEASE EXPIRATION YEAR RENOVATED
12/31/2034 2018
* Tenant has accepted the premises and there were no rent reductions requested. Store
opening is scheduled for 12/15/18.
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 2
SURROUNDING RETAIL implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Investment Highlights
Contact the
THE OFFERING consists of a brand new net leased Mattress Firm in Mountain View, on the
team
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 JOHN ANDREINI
parking and signage, which gives it a significant advantage over other single user retail jandreini@capitalpacific.com
PH: 415.274.2715
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, CA BRE# 01440360
providing for the highest density development possible along the El Camino.
RICK SANNER
Within just one block there is a Target, Walmart Supercenter, Safeway, Trader Joe’s, Whole rsanner@capitalpacific.com
Foods, Kohl’s and many other major retailers. Also within one block is a new 450,000 PH: 415.274.2709
square foot office building leased to LinkedIn, a 168 room hotel, hundreds of apartment CA BRE# 01792433
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 JUSTIN SHARP
coupled with the growth of Google driving jobs and people to the area. jsharp@capitalpacific.com
PH: 415.274.7392
CA BRE# 01895013
SUBJECT PROPERTY
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
294,000+ RESIDENTS WITH AVERAGE HOUSEHOLD inaccuracies.
INCOMES OF $178K+ WITHIN A 5-MILE RADIUS 3
Zoomed-Out Aerial
SAN
FRANCISCO
45 MILES
230,000
VPD 101
101 BAYSHO
RE FREE
WAY
85
OREGON EXPRESSW
JORDAN
FOOTHILL 121,000
VPD
MIDDLE
SCHOOL COLLEGE
CHALLENGER
SCHOOL
EL CARMELO
ELEMENTARY
PALO ALTO
MEDICAL AY
FOUNDATION
43,000
VPD 82
82 82
EL CAMINO
PALO
ALTO HIGH
REAL
SCHOOL
SA
STANFORD
N
PAGE M
HOSPITAL
AN
AND VA ALMOND
CLINICS ESCONDIDO
TO
HEALTHCARE EGAN ELEMENTARY
ELEMENTARY JR. HIGH
TERMAN SCHOOL
NI
OAD
MIDDLE
SCHOOL SPRINGER
O
ELEMENTARY
ILL
STANFORD
RO
LUCILLE
M. NIXON LOS ALTOS
SAND HILL R
UNIVERSITY ELEMENTARY HIGH
AD
40,500
ROAD
SCHOOL
162,000 VPD
VPD COVINGTON
ELEMENTARY
RRA
ERO SE
JUNIOPULEVARD FOOTHILL
B
EXPRESSWAY
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.
4
Zoomed-In Aerial
CRESCENT
PARK CHILD
DEVELOPMENT
CENTER
THE VILLAGE AT
40,500
COMMUNITY
SCHOOL OF
SAN ANTONIO MUSIC AND
CENTER
ARTS
VPD
SCHOOL FOR
INDEPENDENT
LEARNERS
SAN A
NTON
IO RO
AD
SILICON STATE OF
VALLEY CALIFORNIA
COMMUNITY
FOUNDATION
ET
PALO ALTO
TRE
MEDICAL
FOUNDATION
MS
HA
PORTNOV
COMPUTER
SCHOOL
LAT
EAL
CENTRAL
OR
MIN
43,000
VPD
CA
SAN
EXPRESS
EL
FRANCISCO
ET
82
45 MILES
MOUNTAIN
TRE
VIEW LOS
ALTOS
MONTESSORI
WAY
AS
SCHOOL
11,000
NI
OR
VPD
LIF
CA
WALDORF
SCHOOL
OF THE
PENINSULA
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.
RENGSTORFF AVENUE 5
Buyer must verify the information and bears all risk for any inaccuracies.
About The Region
BAY AREA FORTUNE 500 COMPANIES
NEARBY CITIES Apple, McKesson, Chevron, Wells Fargo, Google, Intel, Hewlett
City Population Median Income Packard Enterprises, Cisco Systems, HP, Oracle, Gilead
Mountain View 77,600 $109k+ Sciences, Facebook, PG&E, Gap, Visa, Synnex, Western Digital,
Los Altos 30,100 $188k+ Ross Stores, Core-Mark Holdings, Paypal Holdings, Applied
Palo Alto 66,650 $137k+ Materials, eBay, Netflix, Salesforce, Charles Schwab, Tesla,
San Jose 1.03 million $101k+ Nvida, Franklin Resources, Sanmina, Lam Research, Adobe
Sunnyvale 152,700 $103k+ Systems, Clorox, Symantec, NetApp, Robert Half, Yahoo
Cupertino 60,300 $148k+
Santa Clara 122,700 $102k+
San Francisco 813,500 $103k+
BAY AREA PRIVATE COMPANIES VALUED AT $1 BILLION+
Uber, Airbnb, Palantir Technologies, Pinterest, Dropbox, Stripe,
SAN FRANCISCO BAY AREA
Lyft, Houzz, Social Finance, Tanium. Credit Karma, Instacart,
DocuSign, ContextLogic, Bloom Energy, Zenefits, Quora,
San Francisco is the fourth most populous city in California,
reddit, Coinbase, Razer, 23andMe, Thumbtack, Clover Health,
and the fourteenth most populous city in the United States.
TangoMe, Rubrik, Automattic, AppDirect, Katerra, Carbon 3D,
San Francisco has a diversified service economy, with
Adaptive Biotechnologies, Zoom Technologies, Zeta Interactive,
employment spread across a wide range of professional
Medalia, Procore Technologies, Nextdoor, Cloudflare,
services, including financial services, tourism, and
Glassdoor, Eventbright
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.
SAN FRANCISCO
6
Immediate Area Development
VILLAGE AT SAN ANTONIO
THE VILLAGE AT SAN ANTONIO CENTER IS A 20.6 ACRE
DEVELOPMENT ACROSS THE STREET FROM THE SUBJECT
PROPERTY
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
Surrounding Retailers
8
SURROUNDING RETAIL
Income & Expense
PRICE $7,425,600
Capitalization Rate: 4.00%
Total Rentable Area (SF): 4,906
STABILIZED INCOME PER SQUARE FOOT
Scheduled Rent $60.54 $297,024
Effective Gross Income $60.54 $297,024
LESS PER SQUARE FOOT
Taxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $297,024
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.
9
Rent Roll
TENANT INFO LEASE TERMS RENT SUMMARY
CURRENT MONTHLY YEARLY MONTHLY YEALY
TENANT NAME SQ. FT.
RENT RENT RENT RENT/FT RENT/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 12/15/18. No rent reduction or lease modification requests were sent to
Landlord.
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.
10Lease Abstract
EXPENSES TAXES
Tenant shall pay to Landlord Tenant’s share of all
PREMISES real property taxes.
& TERM
INSURANCE
TENANT Mattress Firm Tenant shall reimburse Landlord, as Additional
BUILDING SF 4,906 SF Rent, one hundred percent (100%) of the
LEASE TYPE Corporate premiums paid by Landlord for Landlord’s
TERM 15 Years Insurance. Tenant, at Tenant’s sole cost and
RENT COMMENCEMENT 1/1/2019 expense, shall obtain and maintain in effect
EXPIRATION 12/31/2034 commencing with delivery of possession to
OPTIONS Two 5-year options Tenant, insurance policies providing for the
following coverage: (i) all-risk property insurance,
(ii) a commercial general liability naming Landlord
as additional insured.
RENT
UTILITIES
BASE RENT Tenant agrees to pay all charges for utilities
consumed at the Premises.
DATE RANGE MONTHLY RENT ANNUAL RENT
1/1/2019 - 12/31/2024 $24,752 $297,024 TENANT’S OBLIGATIONS
1/1/2024 - 12/31/2029 $27,226 $326,712
Tenant is responsible for all nonstructural
1/1/2029 - 12/31/2034 $29,945 $359,336
portions of the premise including HVAC.
OPTION RENTS
DATE RANGE MONTHLY RENT ANNUAL RENT LANDLORD’S OBLIGATIONS
#1. 1/1/2034 - 12/31/2039 $32,942 $395,304 Landlord is responsible for roof and structure.
#2. 1/1/2039 - 12/31/2044 $36,235 $434,820
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
11
all risk for any inaccuracies.Tenant Overview
ABOUT MATTRESS FIRM
Founded in 1986, Houston-based Mattress Firm is
the nation’s first and only border-to-border, coast-
to-coast specialty bedding retailer. With over
2,500 stores across 49 states, Mattress Firm is
the nation’s largest multi-brand mattress retailer.
Mattress Firm offers conventional mattresses,
specialty mattresses, including viscoleastic foam
mattresses and YuMe sleep system (a revolutionary
sleep system made of foam produced from
coconut oil), and bedding related accessories (bed
frames, mattress pads, pillows). The stores carry
a broad assortment of national mattress brands
and exclusive brands.Company revenues are over
$2.55 billion.
NATION’S
LARGEST
MATTRESS #1
RETAILER 2,500
MATTRESS FIRM
LOCATIONS
$2.55B
2016
REVENUE
REPRESENTATIVE PHOTO
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. 12Demographics
SAN FRANCISCO
(37 MILES)
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 MOUNTAIN VIEW
Median $103,394 $124,757 $122,167
SAN JOSE
(15 MILES)
TOP EMPLOYERS
EMPLOYER # OF EMPLOYEES
Google 17,000
Symantec 2,800
Microsoft 1,700
THE AVERAGE HOUSEHOLD
Intuit 1,300
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 13
or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the
information and bears all risk for any inaccuracies.Location Overview
MOUNTAIN VIEW,
CALIFORNIA
DOWNTOWN SAN JOSE
MOUNTAIN VIEW is characterized by many as the “start- SILICON SILICON VALLEY is a major center and global
up” community of Silicon Valley with a strong innovative VALLEY leader in the tech, biotech, internet, and
network that develops and supports the greater Mountain ecommerce sectors. Home to numerious tech
View community. Major companies with offices in the city giants and startups, Silicon Valley is located
include Google, Mozilla, Symantic, and Microsoft. on the southern and western edges of the San Francisco Bay.
California’s economy is the largest within the United States and
Mountain View enjoys a strong and diversified local, 5th largest globally, with a gross domestic product of $2.5 trillion.
but globally connected, economy. Mountain View Silicon Valley alone contributes 10.4% of California’s total GDP.
has a dynamic mix of businesses ranging from large
corporate businesses located in the North Bayshore to 7 MILLION
small start-up companies in the Downtown Mountain
View to national retailers at the San Antonio Shopping This information has been secured from sources we
Center. The active transit and civic centers complement BAY AREA believe to be reliable but we make no representations or
warranties, expressed or implied, as to the accuracy of the
the diverse number of businesses. POPULATION information. Buyer must verify the information and bears
all risk for any inaccuracies.
(ESTIMATED) 14We’d love to hear
from you.
JOHN ANDREINI RICK SANNER
jandreini@capitalpacific.com rsanner@capitalpacific.com
PH: 415.274.2715 PH: 415.274.2709
CA BRE# 01440360 CA BRE# 01792433
JUSTIN SHARP
jsharp@capitalpacific.com
PH: 415.274.7392
CA BRE# 01895013
CAPITAL PACIFIC COLLABORATES.
CLICK HERE TO MEET OUR
SAN FRANCISCO TEAM:
ZEB RIPPLE CHRIS KOSTANECKI CHRIS PETERS
JOHN ANDREINI JOE CACCAMO DAVE LUCAS
ZANDY SMITH RICK SANNER JACK NAVARRA
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.THE VILLAGE AT SAN ANTONIO SFO. PDX. SEA. CAPITALPACIFIC.COM Copyright © 2018 Capital Pacific Partners
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