Mattress Firm Inc. is an American retailing company and mattress store chain with the largest geographic footprint in the United States among multi-brand mattress retailers. The company, through its brands including Mattress Firm, Sleepy’s and Sleep Train, offers a broad selection of both traditional and specialty mattresses, bedding accessories and other related products from leading manufacturers, including Serta, Simmons and Hampton & Rhodes. In September 2016, the company was acquired by Steinhoff International for $3.8 billion, and Mattress Firm now operates as a subsidiary of Steinhoff.
t enant S ummary
Steinhoff International is a South African-based international retail holding company, dealing mainly in furniture and household goods, which operates in Europe, Africa, The United States and Australasia. As of 1 August 2016, Steinhoff held retailing activities in 30 countries, counting 6,500 retail outlets belonging to 40 different brands, and employing about 90,000 employees. 60% of the company’s revenue, and 2/3 of its benefits, are made in Europe. Steinhoff expanded into the United States market on 7 August 2016.
• Corporate Guaranteed – 10+ Year NN Lease
• Brand New Construction - Built in 2016
• Rent Increase of 10% every 5 years – Includes Two Five-Year Option Periods
• Densely Populated, Affluent Area - Population Within Five Miles Exceeds 113,000, with Average Household Income and Per Capita Income Above National Averages.
• The Midland-Odessa Area Was the FastestGrowing Region in the United States from 2010-15, According to Data from the U.S. Census Bureau.
• Located on Loop 250 Frontage Road – Traffic Counts Exceed 55,000 per day
• National Retailers Nearby Include: HEB, Sam’s Club, Academy Sports, Lowes, Domino’s and Many More
• The Permian Basin, of which Midland is the Geographic Center, is Said to Contain 16%+ of the Nation’s Oil Reserves.
MIDLAND–ODESSA, TX
Midland–Odessa is a metropolitan area located in West Texas approximately halfway between El Paso and Fort Worth, Texas. In the past, the cities of Midland and Odessa experienced a rivalry of bitter competition and political intrigue. Since the early 1990s, the nature of the rivalry has changed into one of friendly competition and economic cooperation. The Midland–Odessa area today is marketed as “Two Cities, no Limits.”
Midland is the county seat of Midland County, Texas, United States, on the Southern Plains of the state’s western area. A small portion of the city extends into Martin County. At the 2010 census, the population of Midland was 111,147, and a 2015 estimate of 132,950, making it the twenty-fourth most populous city in the state of Texas. Due to the oil boom in Midland, certain officials have given population estimates above 155,000. It is the principal city of the Midland, Texas Metropolitan Statistical Area, which includes all of Midland County. The population of which grew 4.6 percent, between July 1, 2011 and July 1, 2012, to 151,662, respectively, according to the U.S. Census Bureau.
Odessa is the county seat of Ector County, Texas, United States. It is located primarily in Ector County, although a small portion of the city extends into Midland County. Odessa’s population was 99,940 at the 2010 census making it the 29th-most populous city in Texas; estimates as of July 2015 indicate a population of 159,436 in the city. It is the principal city of the Odessa Metropolitan Statistical Area, which includes all of Ector County. The metropolitan area is also a component of the larger Midland–Odessa combined statistical area, which had a 2010 census population of 278,801; a recent report from the United States Census Bureau estimates that the combined population as of July 2015 is 326,115. In 2014, Forbes magazine ranked Odessa as the third fastestgrowing small city in the United States.
Historically, the Odessa economy has been primarily driven by the area’s oil industry, booming and busting in response to rises and falls in the crude oil price. Many of the city’s largest employers are oilfield supply companies and petrochemical processing companies.
PoPulation
In the identified area, the 2016 population was 113,697. The rate of change since 2000 was 33.13%. The five-year projection for the population in the area was 123,744 representing a change of 8.84% from 2016 to 2021. The 2016 population was 49.0% male and 51.0% female. The median age in this area was 34.5, compared to U.S. median age of 38.0.
HouseHolds
In 2016 there were 43,146 households in your selected geography. The number of households has changed by 31.49% since 2000. It is estimated that the number of households in your area will be 46,774 five years from 2016, which represents a change of 8.41% from 2016. The average household size in your area for 2016 was 2.60 persons.
income
In 2016, the median household income for your selected geography was $62,278, compare this to the Entire US average which was currently $54,149. It is estimated that the median household income in your area will be $70,014 five years from 2016, which represents a change of 12.42% from 2016.
The 2016 per capita income in your area was $34,689, compared to the Entire US average, which was $29,472. The 2016 average household income in your area was $90,094, compared to the Entire US average which was $77,008.
Race and etHnicity
The 2016 racial makeup of your selected area was as follows: 79.1% White, 5.6% Black, 0.7% Native American and 1.5% Asian/Pacific Islander. Compare these to Entire US averages which were: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin made up 33.5% of the 2016 population in your selected area. Compare this to the Entire US average of 17.9%.
Housing
In 2016, there were 27,031 owner occupied housing units in your area and there were 16,115 renter occupied housing units in your area. Median home value in the area was $182,873, compared to a median home value of $198,891 for the U.S.
emPloyment
In 2016, there were 56,265 employees in your selected area; this is also known as the daytime population. In 2016, 62.1% of employees were employed in white-collar occupations in this geography, and 24.9% were employed in blue-collar occupations. In 2016, unemployment in this area was 3.3%.
CONFIDENTIALITY AGREEMENT
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE.
This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.