Mattress Giant Site Sells for $249 Per SF

PHILADELPHIA-Oakpoint Plaza LLC, a Chester-based investor, has acquired the 6,029-sf single-tenant retail building at 5052 City Ave. for $1.5 million, or nearly $249 per sf. The transaction is part of a 1031 exchange.

Mattress Giant occupies the building on a double-net lease, which has six years remaining, according to Brad Nathanson, a director with the national retail group of Marcus & Millichap’s local office. He and Elizabeth Rice of the same office represented the seller, Alan Dubin, and the buyer.

“The buyer saw the potential in capitalizing on the below-market rent in a dense infill commercial submarket,” Nathanson says. He tells GlobeSt.com the tenant’s rate is about 30% below market and that rates in this part of the city now run in the high $20s to $30 per sf.