Long-Term Lease with Two Options – The lease commenced in January of 2016 and has approximately 9 years remaining in its primary lease term with two 5-year options.
Extremely Strong Tenant Revenue Growth – Tuft & Needle’s revenue is increasing exponentially. Revenue in 2012 was ± $1 Million,in 2016 they exceeded $100 Million, and this year sales are expected to exceed $200 Million.
Located in Downtown Phoenix Redevelopment Area – Downtown Phoenix is the geographical center of the Phoenix Metropolitan Area. Between 2004 and 2015 more than $4.6 Billion of private and public capital was invested in revitalizing Downtown Phoenix, creating a vibrant urban center cultivating the live, work, and play environment.
Rental Increases – The lease features 10% increases after the first five years and in each of the five-year options.
Masterfully Renovated Historic Building – The Tuft & Needle Corporate Headquarters & Showroom is located in the historic O.S. Stapley Building. It has been beautifully renovated by SimonCRE and features skylights, trusses, and large glass front doors. The renovations include a brand new roof and fire sprinkler system.
Best Reputation in the Business – Tuft & Needle is the #1 “Best Buy” according to Consumer Reports and the #1 top rated mattress on Amazon.com. The company has been recognized in over 20 different publications in the last two years alone.