Overview
Cushman & Wakefield is pleased to offer a rare At Home Superstore located in the densely populated area of Mesa, AZ, with a population of over 358,175within a 5 mile radius.
At Home stands out as a top-tier destination for home décor, boasting a widespread presence with 250 stores spread across 40 states. The company prides itself on offering an extensive range of home products suitable for any space, style, and budget. At Home generates roughly $8 million in net sales annually. In July 2021, At Home Group Inc. transitioned into private ownership through a $2.8 acquisition by Hellman & Friedman, a private equity firm managing assets exceeding $80 billion in value.
The lease is an absolute NNN lease with zero landlord responsibilities and 2% annual increases. With a large 12 acre lot and low rent per square foot, this opportunity has a upside in future rents from potential new users and is prime for future redevelopment.
Investment Highlights
INVESTMENT HIGHLIGHTS
• Absolute NNN lease – zero landlord responsibilities
• Low Rent Per Square Foot: $5.72
• Upside in higher future rents from potential redevelopment
• 2% annual increases
• $76/SF – High residual value and below replacement cost
TENANT HIGHLIGHTS
• More than 250 locations in 40 states with 70 million visits a year
• At Home was acquired in 2021 by Hellman & Friedman, a private equity firm with over $80 billion in assets under management and committed capital.
• At Home’s revenue when they were acquired in 2021 was $1.737B
• Over 45 years in the business
LOCATION HIGHLIGHTS
• Densely populated trade area with ±358,175 residents in a 5 mile radius
• Located in the attractive retail corridor of Greenfield Gateway with neighboring national credit tenants such as Walmart Supercenter, Sportsman’s Warehouse, Hobby Lobby, Esporta Fitness, Raising Canes, Starbucks and more
• Large ±12 acre lot - prime for future redevelopment
• High average household incomes of $116,684 in a 1 mile radius
• Less than 1 mile from US-60 Freeway (±249,545 VPD
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