Fitness Factory Health Club Leases 16,400 SF Space In Flanders Shopping Center
10-50 International Drive
Building Size
16,400 SF
Asset Type
Retail
Closing
May 23, 2024
AI
The Fitness Factory Health Club is set to open a 16,400-square-foot space in Mount Olive's Gardens shopping center located at 10-50 International Drive South in Flanders. The center, owned by Black Lion Investment Group, has recently undergone significant renovations, attracting new tenants like Boot Barn and Ross, and is now 98% leased.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: Not provided
- Landlord: Black Lion Investment Group
- Tenant: Dennis Cieri, Daniel Cieri & Richard Scarpati - Fitness Factory Health Club
- Broker: Danielle R. Brunelli - R.J. Brunelli & Co.
Fitness Factory Health Club's expansion into Morris County marks its second location in the area, where the fitness club plans to offer its personalized training approach to local residents. The addition of the club, alongside other new arrivals, underscores the Gardens shopping center's status as a prominent retail destination in northern New Jersey.
Flanders Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93