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California  + Inland Empire  + Retail  | 
Sit n Sleep

Single-Tenant NNN Retail Building Sells to 1031 Exchange Buyer

A newly built retail building occupied by Sit ‘n Sleep recently sold at Highland Village Shopping Center, a new Sprouts-anchored shopping center in Fontana. The buyer was a private 1031 Exchange investor based in the Inland Empire.

The purchase price was $3.25 million. The single-tenant triple-net leased 8,400-square-foot retail property is situated on 1.03 acres at 16948 S. Highland Ave.

Sit ‘n Sleep is the largest family-owned mattress retailer in California and was founded in 1979 by Larry Miller and his father Phillip Miller. Today, the chain is run by Larry Miller as CEO and Nelson Bercier as president, who work in tandem to manage the day-to-day operations. The 41-year-old company has 36 stores located throughout Southern California. 

Hanley Investment Group’s Kevin Fryman, Bill Asher and Jeff Lefko represented the seller, Adler Realty Investments, which completed the ground-up shopping center development in 2018 and 2019. Hanley Investment Group has sold a total of $30 million in retail properties at Highland Village Shopping Center.

“Sit ‘n Sleep benefited when consumers started investing in new mattresses and furniture during the COVID-19 pandemic shutdowns and we anticipate that consumers’ focus on the home will continue, and that will bring more spending on home products like mattresses,” noted Fryman.

In addition to a 30,000-square-foot Sprouts Farmers Market, the shopping center includes Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio, Oggi’s Restaurant, Pacific Dental, Quick Quack Car Wash and Mountain View Tire & Auto Service. The shopping center is immediately adjacent to the 210 Freeway at the Sierra Avenue entrance/exit.


Inside The Story

Kevin Fryman

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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