Net Leased Long Term LA Fitness

  • $9M
Featured For Sale
3701 McKinley Pkwy, Buffalo, NY 14219, USA
Featured

Net Leased Long Term LA Fitness

3701 McKinley Pkwy, Buffalo, NY 14219, USA
  • $9M

Description

Marketing Description
Pegasus Investments is pleased to offer a single tenant, freestanding LA Fitness secured by a corporate-backed net lease with 11 years of firm lease term remaining and 10% rent increases every 5 years. Located in Blasdell, New York, a desirable bedroom community of Buffalo within the affluent Hamburg community, the area is known for its upscale lifestyle, regional access to outdoor recreation, and highly acclaimed school district. Within Blasdell, the property is situated on a large 4.7-acre outparcel to the McKinley Mall which is anchored by JC Penney, Sears, Best Buy and Bed & Bath and Beyond. Completed in 2014, the 35,000 SF building was newly constructed as a build to suit for LA Fitness to accommodate its most cutting-edge specifications and lifestyle amenities which include a full-length indoor pool, spa and basketball court. Investors will benefit from a favorable net lease that requires the tenant to self-maintain its parcel, offering a truly passive net leased investment.

Investment Highlights
Corporate net lease with ± 11 years of term
Landlord favorable lease with 10% rent increases
#1 gym operator in the Buffalo market
Seamless access along busy Milestrip Road with average daily vehicle counts of 25,000 ADT

Broker of Record
Adrian Noriega
License: NY 10301207954

Details

Updated on June 12, 2019 at 12:24 am
  • Property ID: 10337
  • Price: $9M
  • Property Size: 35000 sqft
  • Year Built: 2014
  • Property Type: Retail
  • Property Status: For Sale
  • Price Per/Sf: 258.30
  • Lot Size (acres): 4.72
  • Number of Buildings: 1
  • Cap Rate: 6.75%
  • Net Operating Income: 610,225
  • Investment Type: Stabilized

Additional details

  • Lease Type: NN
  • Lease Commencement: 04/28/2014
  • Lease Expiration: 04/30/2030
  • Remaining Term: 1 year
  • Permitted Zoning: C2
  • Parking (spaces): 291
  • Rent Bumps: Yes
  • APN: 144889 160.07-2-26.121
  • Ground Lease: No
  • Ownership: Fee Simple
  • Address 3701 McKinley Pkwy, Buffalo, NY 14219, USA
  • City Buffalo
  • State/county New York
  • Zip/Postal Code 14219
  • Country United States

Walkscore

Availability Calendar

Schedule a Tour

Your information

What's Nearby?

Education
Erie Community College (0.97 mi)
Exceptional 2 reviews
Past & Present (1.15 mi)
Exceptional 4 reviews
Penn Dixie Fossil Park & Nature Reserve (1.31 mi)
Exceptional 9 reviews
Food
Nana's Mediterrean (0.03 mi)
Good 9 reviews
Auntie Anne's Soft Pretzel (0.04 mi)
Average 3 reviews
GNC (0.04 mi)
Average 1 reviews
Health & Medical
Aspen Dental (0.02 mi)
Average 2 reviews
GNC (0.04 mi)
Average 1 reviews
LensCrafters (0.07 mi)
Fair 7 reviews
Real Estate
Melissa Colletti (6.93 mi)
Exceptional 1 reviews
Christian Voigt - Hunt Real Estate ERA (15.15 mi)
Exceptional 2 reviews

Contact Information

View Listings
DAVID B. CHASIN
  • DAVID B. CHASIN
  • (310) 691-1350 ext. 101(310) 710-7172

Enquire About This Property

By submitting this form I agree to Terms of Use

Compare listings

Compare
DAVID B. CHASIN
  • DAVID B. CHASIN