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Views: 48 DOM: 190 Updated: 04.11.24 Posted: 11.09.23 Status: Active

Summary

Price $6,000,000
Built/Renov 1948/2022
Tenant Lenscrafters
Cap Rate 5.00%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 4,000
Lease Start 11-01-2022
#Units 933
Price/SF $1,500.00
Expiration 11-01-2032
Tenant Type General Retail
NOI $300,000
R. Term 8.5
Ownership Fee Simple
Rent/SF $75.00
Increases 12.5%/4/yrs
Pop 5Mi 337,710
Lot/AC 0.28
Options 1/5yrs/12.5%
AHHI 5Mi $182,534

Lease Highlights

  • LensCrafters has over 8 years remaining on its current lease with 1 (5-year) option to extend
  • The lease features 12.50% rental increases in lease year 6 and at the beginning of the option
  • Landlord responsibilities limited to roof, structure, and exterior utility lines
  • Corporate guarantee by EssilorLuxottica (EPA: EL)

Location Description

This newly remodeled LensCrafters is strategically located, with excellent visibility off State Highway 17, which sees 96,600 vehicles passing by daily. It is also less than two miles west of the Garden State Parkway, the state’s main north/south thoroughfare that boasts an additional 86,500 vehicles daily. The asset benefits from being an outparcel to the Fashion Center Paramus, a 500,000 SF...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Lenscrafters
  • Guarantor:Corp T and Rated
  • Company:EssilorLuxottica Group
  • # Units:933
  • Tenant S&P: A
  • Moody’s: A2
  • Stock: EPA: EL

About Tenant

LensCrafters is an international retailer of prescription eyewear and prescription sunglasses, and one of the largest optical retail brands in North America. LensCrafters portfolio includes...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 8,826 102,792 335,521
2023 Total Population : 8,977 103,796 337,815
2023 Employed Civilian Pop : 4,538 52,466 176,355
2023 Total Businesses : 548 4,258 13,494
2023 Average Household Income : $ 197,522 $ 221,511 $ 177,604
2023 Total Consumer Spending : $ 469 M $ 6443 M $ 17654 M
2023 Median Age : 50 46 44
2023 Total Households : 2,865 35,136 119,056
2023 Pop Age 25+: Bachelor's Degree : 2,524 28,164 81,116
2023 Average Home Value : $ 738,068 $ 717,496 $ 640,269
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
E Firehouse Ln State Hwy17 2013 2,511 0.02 mi
East Firehouse Lane Stevens Ct 2018 2,750 0.03 mi
E Firehouse Ln State Hwy17 2013 2,585 0.04 mi
Zabriskie Place Stevens Ct 2017 2,756 0.05 mi
East Firehouse Lane Stevens Ct 2018 2,671 0.05 mi
Sycamore St 2017 6,941 0.06 mi
State Rte 17 E Firehouse Ln 2013 6,512 0.07 mi
Ridgewood Ave State Hwy17 2018 5,109 0.09 mi
Ridgewood Ave State Hwy17 2018 6,927 0.10 mi
State Rte 17 Ridgewood Ave 2017 5,119 0.11 mi

Listing Broker

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