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Linden, NJ - LA Fitness
950 W Edgar Rd | Linden, NJ 07036
Description
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, newly-constructed, corporate signed LA Fitness investment property located in Linden, New Jersey (New York City MSA). The tenant, Fitness International, Inc., recently signed a brand new 15-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features attractive rental increases during the 6th and 11th year of the initial term and at the beginning of each option period, growing NOI and hedging against inflation (see page 20 for details). The lease is signed by the corporate entity and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1984, LA Fitness is one of the fastest growthing health club brands in the country. The property recently opened for business.
Location
LA Fitness is ideally situated as an outparcel to Legacy Square, a newly-constructed shopping center anchored by Walmart Supercenter. Legacy Square is strategically located along W. Edgar Road (70,100 VPD), and benefits from nearby direct on/off ramp access to Interstate 95, one of the busiest highways in the United States with daily traffic exceeding 251,400 vehicles passing by daily. The newly-constructed building features a state-of-the-art design and high-quality materials. Furthermore, Legacy Square is adjacent to Aviation Plaza, a 550,000 SF power center anchored by Target, The Home Depot, Marshalls, Old Navy, AMC, Staples, and more. Other nearby national/credit tenants include TJ. Maxx, Aldi, Whole Foods, Ashley Furniture, Burlington, Joann Fabrics, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes significant crossover store exposure to the site. The 5-mile trade area is supported by over 460,000 residents and 160,000 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $113,495. Linden, New Jersey is part of the New York City Metropolitan Area, conveniently located roughly 20 miles from Manhattan and 11 miles from Newark, New Jersey.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215