The Houston-based company has leased the spaces formerly occupied by Saigon Restaurant and La Salsa, according to Hayes Commercial Group.
The furniture showroom will occupy both buildings, and remodeling work is underway.
“It’s a notable pivot for Five Points, to convert two underutilized restaurant spaces into a furniture showroom space, simultaneously allowing Little Alex’s to be the only restaurant in the building when it opens in the former Fresco Café space a few doors down,” according to Hayes.
Fresco left the spot last year for a lower lease rate and near downtown.
The new mattress store follows Mattress Mike’s move into the former Sears building across the street in La Cumbre Plaza, in what was the largest lease of 2022 at 70,000 square feet.
The Mattress Firm’s move into the Five Points Shopping Center is the latest positive for the Upper State Street area.
According to the Hayes 2022 annual report released this week, the area experienced 11 transactions, including Llama Dog moving into the former Rumba Room space at 3435 State St.
Channel City Lumber signed a 6,000-square-foot lease at 3888 State St. for a hardware store, according to Hayes.
Coast Village Road also enjoyed commercial success in 2022.
In the fourth quarter of 2022, Coast Village Road saw four leases.
An unnamed restaurant tenant signed for the former Cava space, 1212 Coast Village Road. Another tenant signed for the former Angel space, 1221 Coast Village Road.
Montecito Fitness moved into 1250, and First American Title at 1165, according to Hayes Commercial Group.
“There are only two small spaces available on Coast Village Road, which has emerged as a South Coast retail hot-spot over the past few years,” Hayes stated.
The Hayes report also states that storefront vacancy between the 400 and 1300 blocks of State Street is 13.7 percent, and that the 900 block of State Street has at least seven vacancies.
Restoration Hardware plans to vacate 710 State St. and move to the Old Firehouse building at 1486 East Valley Road in Montecito, according to Hayes.
The 1200 block lost four restaurants including Bedda Mia in the past year.
“On paper, this is a strong block for restaurants, near dozens of professional office buildings by day and several historic theaters at night, so these spaces are unlikely to stay vacant for long.” Hayes states.