Spenga Fitness Leases 4,000 SF Retail Space In Montvale, NJ At 295 West Grand Ave
Building Size
4,000 SF
Asset Type
Retail
Closing
Dec 5, 2023
AI
Fitness franchise Spenga has expanded to New Jersey, securing a 4,000-square-foot space in Montvale at 295 West Grand Ave. The property, located in the Montvale market, is leased by Spenga Fitness, represented by Roger McGreal. The landlord, 140 Hopper Avenue Associates LLC, facilitated the lease transaction.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not available
- Square Footage: 4,000
- Address: 295 West Grand Ave. Montvale
- Market: Montvale
The lease deal was facilitated by brokers Mark Handwerker and Neil Goldstein of The Goldstein Group. The location of the leased space positions Spenga Fitness near popular tenants and the Wegman's-anchored center in the borough.
Players
Market 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