BUYER: City Mattress of Florida Inc. (principals: Jerome, Stephen and Marc Schiller), Bonita Springs
SELLER: Brentwood Land Partners LLC
PROPERTY: 2415 Tarpon Bay Blvd., Naples
PRICE: $1.43 million
Bonita Springs-based City Mattress Inc. purchased land on the southeast corner of Immokalee Road and Interstate 75 for $1.43 million.
The retailer plans to convert the outparcel of a Super Target into a 12,000-square-foot second Naples store. Gates Construction is the general contractor for the project.
“We've been operating from the Naples market for the last 24 years,” says Marc Schiller, president of City Mattress. “It's a great location, and this site is at one of the east-west corridors that's the best of the best. We've heard through the grapevine that Target is one the best-performing in the region.”
Schiller says the store also met the retailer's expansion strategy, which focuses on building out its existing markets first before moving into new areas. City Mattress will next look to expand in Broward County.
The new store is expected to be completed in November and employ six people.
Schiller says City Mattress distinguishes itself from other mattress/bed retailers based on the much larger size of its stores, greater inventory and SKUs, cleanliness, its PranaSleep line, sales training and selectiveness of its hiring process.
City Mattress currently has 176 employees companywide and will have 20 stores once the new Naples location opens.
The purchase entity, City Mattress of Florida Inc., mortgaged the property to First National Bank of the Gulf Coast for $3.4 million.