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Views: 80 DOM: 15 Updated: 09.03.24 Posted: 09.03.24 Status: Active

Summary

Price $7,706,000
Built/Renov 1992/2021
Tenant Edge Fitness
Cap Rate 7.85%
Lease Type NN+
Guarantor Corporate
Size/SF 52,599
Lease Start 04-01-2022
#Units 42
Price/SF $146.50
Expiration 03-31-2037
Tenant Type Sport/Fitness
NOI $604,889
R. Term 12.6
Ownership Fee Simple
Rent/SF $11.50
Increases 8.7%/5/yrs
Pop 5Mi 122,897
Lot/AC 5.19
Options 3/5yrs/8%
AHHI 5Mi $137,524

Lease Highlights

  • Edge Fitness has 12+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features fluctuating rental escalations throughout the initial term and option periods
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Ownership recently renovated the interior of this asset as well as replaced the roof (15-year warranty) and resurfaced the parking lot
  • Corporate guaranteed lease

Location Description

Edge Fitness is strategically located on Cog Circle, with access to 65,959 vehicles passing by daily. The property fronts Northwest Highway (31,000 VPD) at the intersection of Route 31 (33,500 VPD) and is surrounded by well-known national tenants, including Target, Sam’s Club, Home Depot, Hobby Lobby, Aldi, Walmart, and more. Additionally, the tenant operates this location 24/7 due to...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Edge Fitness
  • Guarantor:Corporate
  • Company:Norwest Equity Partners
  • # Units:42
  • Stock:Private

About Tenant

The Edge Fitness Clubs known as “Edge Fitness'' is a national fitness club chain based out of Fairfield County, CT. The company offers personal fitness, bodybuilding, weight loss,...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,246 45,871 121,161
2023 Total Population : 4,250 46,485 123,040
2023 Employed Civilian Pop : 2,159 25,944 68,230
2023 Total Businesses : 364 2,584 4,304
2023 Average Household Income : $ 96,439 $ 115,975 $ 130,033
2023 Total Consumer Spending : $ 128 M $ 1718 M $ 5039 M
2023 Median Age : 41 40 40
2023 Total Households : 1,556 17,491 45,800
2023 Pop Age 25+: Bachelor's Degree : 829 8,834 23,640
2023 Average Home Value : $ 264,331 $ 284,456 $ 304,978
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Northwest Hwy Manor Rd 2013 30,800 0.15 mi
State Rte 31 Northwest Hwy 2009 33,500 0.16 mi
2019 33,100 0.19 mi
2007 29,400 0.19 mi
State Rte 31 Oak Valley Dr 2013 19,800 0.21 mi
State Rte 31 Northwest Hwy 2009 33,500 0.22 mi
Northwest Highway State Hwy31 2019 27,800 0.23 mi
State Rte 31 Northwest Hwy 2005 26,300 0.27 mi
Northwest Hwy State Hwy31 2009 24,000 0.28 mi
Pingree Rd Northwest Hwy 2009 8,500 0.29 mi

Listing Broker

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