LA Fitness

Tenant

LA Fitness

Location

Howell, NJ

Price

$9,846,775

CAP Rate

6.2%

NOI

$610,500

Lease Term

12

Occupancy

100%

Building Size

37,000 sq ft

Property Type

Single Tenant

Year Built

2017

Lot Size

3.64 acres

Status

Available

Property Contacts:

Karly Iacono

Associate Director

(201) 742-6119 | Email

JC Corr

Associate

201-742-6181 | Email

  • NNN 12.5 Year Lease Term with 4 – 5 year Options
  • Attractive Rent Increases Throughout Base Term and Options
  • Corporate Guarantee from LA Fitness with over $1.9 Billion in Annual Revenue
  • Over 38,000 VPD
  • Part of the brand new Greenleaf at Howell Plaza, a Multi-Tenant Development
  • Highly Populated Area: 147k People within 5 Miles
  • Affluent Demographics: Avg. Household Income $126,000 in 1 Mile

Marcus & Millichap is pleased to exclusively present for sale a newly constructed LA Fitness in Howell NJ. The NNN lease has 12 years of base term remaining along with 4 5-year options. There are rent increases of $1 per square foot every five years throughout the base term and option periods. The lease is Corporately guaranteed by LA Fitness, the largest non-franchised fitness operator in the United States with over $1.9Billion in annual revenue and over 700 locations.

Located at Lanes Mill Road and US Route 9 North, this newly constructed LA Fitness is an anchor to the high-end Greenleaf at Howell development which is also home to Texas Roadhouse, T-Mobile, Mattress Firm, JSS, Hair Cuttery, BJ’s, and Xscape Theaters. Construction on a new Climbzone is scheduled to begin soon as part of the phased development.

Howell NJ is a high growth market with upwards of 5,000 new residential units in a 5 mile radius expected to come online in the next 2-5 years. Job growth is predicted to increase 40% in the next 10 years as well.

Route 9 is a main retail artery for central NJ and boasts traffic counts of over 38,000 vehicles per day. Nearby retailers include Lowes, Target, Walmart, Stop-N-Shop, Verizon, Kohls, TJ Maxx, Michaels, Ruby Tuesdays, Advanced Auto Parts, Chase, Petco, Panera Bread, Barnes & Noble, Longhorns, Walgreens, and many more!