A 12k sf, freestanding single-tenant property occupied by Mattress Firm in Flagstaff, AZ sold for $3.3 mil ($275/sf). Built in 1991 and renovated in 2012, the property is situated on just under one acre of land at 4480 US-89.
The property is an outparcel to Flagstaff Mall, a 347k sf mall anchored by Dillard’s, Hobby Lobby and Planet Fitness. It is within a busy retail corridor less than one mile from Interstate 40 and five miles from Northern Arizona University.
Patrick Luther and Brian Polachek with SRS National Net Lease Group represented the seller, a Washington-based private investor. The buyer, also a private investor, was repped by Mark Cassell of Levrose Commercial Real Estate.
“The Flagstaff market is strong and continues to grow in population,” said Polachek. “This property was a rare offering in this area and provided the buyer with an attractive opportunity to own a highly visible single-tenant asset featuring a newly extended, corporate-guaranteed lease.”