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1701 US Route 22

Planet Fitness Signs Lease For 21850 Square Feet At Blue Star Shopping Center In Watchung
LEASEDRetail

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

E.J. Moawad

LEVIN Management

Broker

7 deals

Broker
Crown Retail Services
Crown Retail ServicesBrokerage

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