Mattress Giant occupies the building on a double-net lease,which has six years remaining, according to Brad Nathanson, adirector with the national retail group of Marcus & Millichap'slocal office. He and Elizabeth Rice of the same office representedthe seller, Alan Dubin, and the buyer.
"The buyer saw the potential in capitalizing on the below-marketrent in a dense infill commercial submarket," Nathanson says. Hetells GlobeSt.com the tenant's rate is about 30% below market andthat rates in this part of the city now run in the high $20s to $30per sf.
The location is in an area with about 2.6 million sf of class Aand B office space and more than 1,000 hotel rooms, Nathanson says."There is virtually no vacancy and high tenant demand along CityAve.," he adds.
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