Planet Fitness Signs Lease For 21850 Square Feet At Blue Star Shopping Center In Watchung
1701 US Route 22
Building Size
21,850 SF
Asset Type
Retail
Closing
Dec 4, 2024
AI
The asset involved in this transaction is a retail property located at 1701 US Route 22 in Watchung. This space encompasses 21,850 square feet within the Blue Star Shopping Center, which has a total area of 420,000 square feet and is currently undergoing a major redevelopment.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 1701 US Route 22
- Market: Watchung
- Asset Size: 21,850 SF
- Tenant: Planet Fitness
- Landlord's Representative: E.J. Moawad - LEVIN Management
- Tenant's Representative: Jack Chera - Ripco
The lease was negotiated by E.J. Moawad representing the landlord, while Jack Chera represented the tenant, Planet Fitness. This agreement signifies a pivotal step in the revitalization of the retail space at Blue Star Shopping Center.
Players
Watchung 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