PALM DESERT, Calif. – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a recently constructed, two-tenant net-leased investment occupied by Mattress Firm and Club Champion located on an outparcel to Walmart Neighborhood Market on Highway 111 in Palm Desert, California. The sale price was $5 million.
Hanley Investment Group’s Executive Vice President Eric Wohl and Associate CJ Kiehler represented the buyer and seller. The seller, Sage Investco, is a developer based in Newport Beach, California, and the buyer is a private investor based in Salt Lake City, Utah.
“We generated multiple qualified offers and secured an all-cash 1031 exchange buyer who had a vacation home very close to the property,” said Wohl. “This property is located at one of the highest profile intersections in Palm Desert and will provide the buyer with an excellent long-term investment with strong cash flow.”
The two-tenant property occupied by Mattress Firm (3,800 square feet) and Club Champion (3,016 square feet) is located on a 0.18-acre parcel at 72306 Highway 111 and was built in 2019. The 6,816-square-foot property sits at the signalized intersection of Highway 111 and Fred Waring Drive, with 63,000 cars per day at the intersection. The property is an outparcel to a Walmart Neighborhood Market, with other tenants in the center including Shell Gas Station, Jiffy Lube, Marriot SpringHill Suites Hotel, and a future two-tenant shop building. The shopping center is surrounded by national credit tenants, including Target, Whole Foods Market, Nordstrom Rack, PGA Superstore, Trader Joe’s, Best Buy, Ross Dress For Less, T.J. Maxx, Marshalls, HomeGoods, Bed Bath & Beyond, Five Below, Aldi and others.
Mattress Firm is the nation’s largest omnichannel mattress specialty retailer with more than 2,300 stores across 49 states. In fiscal year 2021, Mattress Firm recorded net revenues of nearly $4.4 billion, up 35% from the prior year, while its comparable sales increased 36.1% year over year. Mattress Firm is owned by Steinhoff International, a global retail holding company, and recently filed for IPO.
Club Champion is an international club fitting retailer with over 100 locations in the United States, Canada, United Kingdom and Australia. According to the company, every Club Champion studio features at least two indoor hitting bays with TrackMan launch monitors for analyzing performance, a SAM PuttLab system to find the perfect putter, and a build shop for repairing and assembling golf clubs by hand. The roughly 3,000-square-foot spaces also include a demo matrix to display the head and shaft options that make up their 50,000 hittable combinations. In 2019, Club Champion was purchased by Levine Leichtman Capital Partners, a Los Angeles-based private equity firm with $9 billion in assets under management.
Palm Desert is located in Riverside County in the heart of Coachella Valley, approximately 14 miles east of Palm Springs, 121 miles northeast of San Diego and 122 miles east of Los Angeles. There are nearly 53,000 permanent residents in Palm Desert and 31,000 seasonal residents who make the city their home for three to six months each year. With 350 days of sunshine a year, Palm Desert is a thriving, year-round community with the natural beauty and recreational amenities of a resort destination. The city was ranked #1 in the “Best Places for Young Professionals in the Palm Springs Area” by Niche (2021).
About Sage Investco
Sage Investco is a retail real estate company based in Newport Beach, California. It was formed in 2011 by Patrick Charriou, its current manager. Sage is actively working with a select group of retail tenants, grocery markets, restaurants and gas station operators to find, develop and build new sites for their operations in the Western States of the U.S. With a main presence in California, Sage has experience and ongoing activity in other states like Utah, Idaho, Arizona, Nevada, Montana and Texas. For more information, visit www.sageinvestco.com.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over a $9.3 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Eric Wohl, Executive Vice President
Email: Send Email
Phone: 949.585.7673
Address:3500 E. Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/