As the first mattress retail transaction in Kentucky for 2020, Cypress Property Group represented the landlord on the successful sale of a stand-alone Sleep Outfitters in Winchester, Kentucky. The 4,800 sq/ft building was purchased by an out-of-state investor for $1,125,000. The Sleep Outfitters building sits on .50 acres and is surrounded by many national retailers and restaurants including Kroger, Lowe’s Home Improvement, UPS Store, Burkes Outlet, Tractor Supply Co, Starbucks, Sonic, Speeway and many more.
The building is currently occupied by Sleep Outfitters which is owned and operated by TempurWorld, LLC, as subsidiary of TempurSealy International which is the largest bedding manufacturer in the world. Primary lease term has more than six (6) years remaining, with one five (5) year option to renew with increases.
Minimal landlord responsibilities, and tenant reimburses for Common Area Maintenance (CAM), Taxes and Insurance. Landlord only responsible for roof and structure. Building was completed in 2018, all new mechanicals and roof.
Sold For: $1,125,000 – SO Building
CAP Rate: 7.65%
Tenants: TempurWorld, LLC (backed by TempurSealy: NYSE (TPX))
Terms: 6 years; 3 months (primary term expiration is March 31, 2026)