Investment Highlights

10-YEAR NNN LEASE TO STRONG CORPORATE TENANT
» 10-year NNN lease to corporate tenant (NASDAQ: “SCSS”)
» 10% rental increases every five (5) years, providing an excellent hedge against inflation
» Relocation from highly successful Fashion Square Mall site
» NNN lease requires minimal management, ideal for an out-of-area investor
» Net sales for Sleep Number increased nine (9) percent to $1.86 billion in 2020, including a six (6) percent comparable sales gain
» Third-quarter 2021 net sales grew 21 percent to a record $640 million (+35 percent versus 2019)
» 2022 construction featuring Sleep Number’s latest prototype
» Listing includes a future developable parcel

HIGH-TRAFFIC LOCATION IN A DENSELY POPULATED AND GROWING VIRGINIA SUBMARKET
» Located along U.S. Route 29/Seminole Trail, a major north-south Charlottesville thoroughfare (58,000 vehicles per day)
» Near U.S. Route 250, a primary east-west thoroughfare traversing the entirety of Charlottesville (41,000 vehicles per day)
» 100,423 residents live within a five-mile radius of the property, establishing a consistent customer base for the site
» Average annual household income of $104,282 within five miles
» Projected 12 percent average annual household income increase within five miles of the location in the next five years, poising Sleep Number and Charlottesville for concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Three miles from University of Virginia (21,985 students, 28,000 employees, $5.9 billion annual economic impact)
» Outparcel to Charlottesville Fashion Square, the only indoor shopping mall in Charlottesville (572,000 SF)
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Costco, Lowe’s Home Improvement, Kroger, ALDI, Whole Foods Market, Trader Joe’s, Belk, HomeGoods, and many more
» Excellent location in a major commuter corridor, with close proximity to several high-density single family housing developments
» Four miles from Downtown Charlottesville, the business center of Albemarle County (235,232 population in Charlottesville Metro)

Property Description

SOLD

The property has a strategic location along U.S. Route 29/Seminole Trail, a major north-south Charlottesville thoroughfare with access to 58,000 vehicles per day. The site is also centrally located at the confluence of several highly trafficked Virginia thoroughfares, including U.S. Route 250, a primary east-west thoroughfare traversing the entirety of Charlottesville (41,000 vehicles per day). The property is located in a densely populated and affluent area, with 100,423 residents living within a five-mile radius of the site and an average annual household income of $104,282. Sleep Number is also poised to grow along with the location, with a projected 12 percent average annual household income increase within five miles of the location in the next five years.

The property benefits from its central location near many of the region’s largest employers, retailers, and community hubs. The site is three (3) miles from University of Virginia, which features 21,985 students, 28,000 employees, and a $5.9 billion annual economic impact. The location is outparcel to Charlottesville Fashion Square, the only indoor shopping mall in Charlottesville (572,000 SF). The property is surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Costco, Lowe’s Home Improvement, Kroger, ALDI, Whole Foods Market, Trader Joe’s, Belk, HomeGoods, and many more. The site maintains an excellent location in a major commuter corridor, with close proximity to several high-density single family housing developments. The property is also four miles from Downtown Charlottesville, the business center of Albemarle County (235,232 population in Charlottesville Metro).