- Brand new 10-year lease with 1 (5-year) option to extend
- The lease is corporate signed by Luxottica of America, Inc.
- Luxottica is a leader in the optical industry covering more than 150 countries across five continents and is complemented by an extensive retail network of approximately 9,200 stores
- Luxottica’s parent entity is EssilorLuxottica, which has €14.4 billion in revenues and €38.2 billion in capitalization. The company has a portfolio of proprietary and licensed brands including Ray-Ban, Oakley, Michael Kors, Transitions, Lenscrafters, Sunglass Hut and Pearle Vision
- This asset is a relocation store which did $3.5M in sales
- The lease includes 12.50% rental increases in lease year 6 and at the beginning of the option, growing NOI and hedging against inflation
Investment Offering
Paramus, NJ - Lenscrafters
712 NJ-17 | Paramus, NJ 07652
$6,000,000
Price5%
Cap Rate$300,000
NOI6,360
± SF Offering GLADescription
Location
- LensCrafters is strategically located off State Highway 17 (96,600 VPD)
- State Highway 17 is the primary North/South throughfare serving New Jersey
- Less than two miles west of Garden State Parkway (86,500 VPD)
- The asset is an outparcel to the Fashion Center Paramus, a 500,000 SF indoor shopping mall with tenants such as Amazon Fresh, Best Buy, Bed Bath & Beyond, TJ Maxx, Buy Buy Baby and more
- Strong tenant synergy promotes crossover shopping to the subject property