Ground + Space announced today the sale of a Mattress Firm property in Pittsburgh, Pennsylvania. This 4,000-square-foot retail site is located at a visible corner location along McKnight Road, the prominent, primary retail corridor in this market. The property sold for approximately $1.9 million in an all-cash transaction. This is the 21st Mattress Firm property sold by Michael Zimmerman, both freestanding and within strip centers. Ground + Space Principal Michael Zimmerman exclusively marketed the property and represented the seller. The property was listed in conjunction with Pennsylvania broker Aaron Savin of ECHO Real Estate Services Company.
Built in 2013, this Mattress Firm property features a NN corporate-guaranteed lease with minimal landlord responsibilities and an additional option to renew the lease for five years. The lease’s rental rates are firmly in line with market rents along McKnight road, which are currently $36 per square foot of retail space. The property benefits from its location adjacent to The Block Northway. Additionally, the site benefits from synergies with several nearby high-end furnishing retailers, including At Home, Kirkland’s and The Container Store. The property also has easy access to downtown Pittsburgh and the 2.3 million people who call the area home.
About Ground + Space
Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. Ground + Space is rooted in more than 20 years of experience aimed at providing the best data, relationships and success rates in the business. Interested in commercial real estate investment? Contact us today to find out more about our current listings!