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Views: 89 Updated: 03.11.24 Posted: 08.23.23 Status: Sold

Summary

Price $9,327,500
Built/Renov 2019
Tenant LA Fitness
Cap Rate 6.00%
Lease Type NN+
Guarantor Corp Rated
Size/SF 39,975
Lease Start 09-21-2021
#Units 716
Price/SF $233.33
Expiration 08-31-2037
Tenant Type Sport/Fitness
NOI $559,650
R. Term 12.8
Ownership Fee Simple
Rent/SF $14.00
Increases 10.0%/3/yrs
Pop 5Mi 152,018
Lot/AC 0.92
Options 3/5yrs/10%
AHHI 5Mi $148,160

Lease Highlights

  • LA Fitness has 14 years remaining on the current lease term with 3 (5-year) options to extend
  • Lease features a 10% rental increase every 5 years throughout the initial term and at the start of each option
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee by Fitness International LLC

Location Description

This 39,975 square foot LA Fitness is strategically located along Sylvan Way with access to 13,482 vehicles per day. The site is just half a mile from the intersection of Route 10 at the junction of Route 287 with a combined 218,975 VPD and benefits from a prominent pylon sign at the entrance of Route 10. The property is apart of a Wegman’s anchored shopping center along with Panera Bread....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: LA Fitness
  • Guarantor:Corp Rated
  • Company:Fitness International LLC
  • # Units:716
  • Tenant S&P: B-
  • Moody’s: B3
  • Stock:Private

About Tenant

Fitness International, LLC (dba LA Fitness) is one of the fastest-growing health club chains in the U.S.. Founded in 1984 in Los Angeles, CA, today they operate under the brand names LA Fitness,...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 5,178 64,826 162,431
2023 Total Population : 5,255 62,654 161,321
2023 Employed Civilian Pop : 2,880 34,296 88,115
2023 Total Businesses : 652 3,415 9,227
2023 Average Household Income : $ 161,317 $ 175,241 $ 179,211
2023 Total Consumer Spending : $ 228 M $ 3553 M $ 9326 M
2023 Median Age : 46 44 43
2023 Total Households : 1,706 24,287 62,252
2023 Pop Age 25+: Bachelor's Degree : 1,388 15,844 40,850
2023 Average Home Value : $ 501,328 $ 585,399 $ 600,523
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Dryden Way 2018 4,374 0.33 mi
Dryden Way Campus Dr 2013 23,342 0.47 mi
Sylvan Way Century Dr 2018 5,307 0.53 mi
Sylvan Way Century Dr 2013 11,451 0.58 mi
Halsey Road 2019 4,096 0.58 mi
Sylvan Way Century Dr 2019 9,974 0.60 mi
Dryden Way Mount Pleasant Ave 2020 173 0.60 mi
2018 2,747 0.60 mi
I- 287 Parsippany Rd 2015 145,401 0.63 mi
Dryden Way 2018 3,950 0.64 mi

Listing Broker

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