LANCASTER, PA—PREIT has sold the site of the Mattress Warehouse property at 1831 Hempstead Road in Lancaster, PA to a private investor, David Roeberg for an undisclosed amount.
Mattress Warehouse remains as the tenant, with 10 years remaining on its current lease. CBRE's Kevin McClernon and George Schmitt represented PREIT in the transaction. Mattress Warehouse is located in a 6,000 square foot building as an outlot in a 1.84 acre shopping center.
“A property like this, with a strong-credit, corporate-owned retailer like Mattress Warehouse with a long-term lease in effect, was bound to attract significant interest,” says McClernon, senior vice president with CBRE's Investment Properties division. “This site is adjacent to other strong national retailers, including Costco, Lowe's, and Best Buy. Combined with its easy access and high visibility to the US-30 Bypass, the fundamentals for both the property and the region are strong.”
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