Investment Overview

The subject offering is a newly constructed 23,200-square-foot retail property located on Jerome Avenue, between Burnside Avenue and East 181st Street in the Bronx. The property features 123 feet of frontage along Jerome Avenue and is anchored by Planet Fitness, which recently executed a new 15-year lease with 10% increases every five years. Planet Fitness is the largest gym chain in the United States, with more than 2,700 locations and nearly 21 million members nationwide. The company generated approximately $1.3 billion in annual revenue and maintains a corporate valuation of approximately $5 billion. Planet Fitness occupies 5,095 square feet of ground floor retail space, in addition to the entire 11,625-square-foot second floor. The tenant is also responsible for paying 76 percent of real estate tax escalations above the base year. The remainder of the property consists of four ground floor retail spaces. Enhance Beauty Bar occupies one 500-square-foot space under a new five-year lease, while the remaining retail spaces are currently being marketed for lease, providing investors with additional upside potential. The property is strategically positioned just off the corner of Burnside Avenue and is located less than half a block from the Burnside Avenue Station (4 Train). The station is one of the busiest subway stops in the Bronx, serving approximately two million riders annually, making it one of the top five busiest subway stations in the Bronx. The site is directly adjacent to a satellite outpatient facility operated by Montefiore Medical Center and is surrounded by national retailers including McDonald’s, Domino’s, Taco Bell, and Chase Bank. This is a rare opportunity to acquire a brand-new construction retail asset in the Bronx, anchored by the nation’s leading fitness brand and positioned along one of the borough’s most heavily trafficked retail corridors.