Sleep Train Mattress Centers becomes newest tenant
NEWPORT BEACH, Calif., March 11, 2010—X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe, announced today that Newport Beach-based partner Strategic Retail Advisors completed a lease at Countryside Marketplace shopping center in Menifee, Calif. with Sleep Train Mattress Centers. X Team International President and Strategic Retail Advisors Partner Nelson Wheeler made the announcement.
Located at the southwest corner of Newport Road and Highway 215, Countryside Marketplace is a 735,000-square-foot shopping center anchored by more than 30 retailers including SuperTarget, Lowe’s, Kohl’s and Best Buy. The deal was finalized over an eight-day negotiation process, with Sleep Train signing a five-year lease on a 6,000-square-foot space, bringing its total number of California locations to 81. Wheeler and his partner Wally Limburg represented the landlord in this transaction. Jeff Drew of San Diego-based Retail Insite represented the tenant.
“In just two years since its grand opening, Countryside Marketplace has seen incredible growth with top-name retailers,” said Wheeler. “Sleep Train is one of the premier mattress retailers in California, so it was a natural fit for them to occupy a space in this thriving shopping center as it continues to expand its mattress brand.”
Open since 2008, Countryside Marketplace is currently more than 96% leased and occupied, and more than 98% committed.
Headquartered in Citrus Heights, Calif., Sleep Train is the number one mattress retailer on the West Coast with more than 80 California locations spanning from Northern California to San Diego.
About Strategic Retail Advisors
With more than 100 years of combined experience, Strategic Retail Advisors is a retail brokerage advising firm based in Newport Beach, Calif., that provides assistance with lease proposals and negotiations, site planning, municipal consulting, advertising recommendations, counsel regarding warehousing and transportation issues, construction referrals and more. For more information, please visit www.strategicretailadvisor.com.
About X Team
X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services, property dispositions and retail investments. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation. For more information, please visit www.xteam.net.