The investor, Berl Selski, was completing an exchange on an office building in Orange County, according to NAI Capital Commercial broker George Economos, who represented the buyer along with NAI colleague Steve Economos. "The investor was looking for a triple-net leased investment in a certain price range," George Economos tells GlobeSt.com, explaining that the Banner Mattress property fit the bill.
Located at 20152 Highway 18, the building encompasses 5,000 sf of retail space. Banner Mattress moved into the building, which was completed in December 2002, earlier this year. The retailer had already inked a 10-year contract with two five-year options with the previous owner, so Selski was able to purchase a "completed package," according to George Economos. Selski acquired the facility from Stewart Development, which was represented by Jeff Conover of Ferris-Lee.
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