Property Description: 

he subject property is TROPHY NNN location in Tyler, TX leased to Mattress Firm. The site is located at the top trade area intersection of two major highways; ESE Loop 323 and Troup Highway (110) with 70,000 vehicles per day. The original tenant was a franchisee for Mattress Firm recently acquired by Mattress Firm corporate (NYSE: MFRM). South African based Steinhoff International retail holding company (Moody's Baa3 investment grade credit) is now in the process of acquiring Mattress Firm and likely credit upgrade has been predicted. The lease is a 10 year NNN lease (foundation & structure only) with 8.3 years remaining offering rental increases within the base term. The lease is also far more landlord friendly than the standard lease as the franchisee assigned to Mattress Firm corporate. The improvement has been completely remodeled including, roof, HVAC, electrical, and plumbing. The trade area is dynamic and boasts a 16% population increase from 2000-2013 and is expected to continue. The site is surrounded by new developments including Walmart Neighborhood Market, Hobby Lobby, McDonald's Walgreen's, Starbuck's, and Chick-Fil-A. It's down the street from Broadway Square Mall with 3.5 million annual visitors - recently completing an interior/exterior renovation. The Simon owned mall is one of only two regional malls in all of east Texas. The location is also 2 miles from University Texas at Tyler with over 9,000 students.