Miscellaneous

La-Z-Boy

Listing Price: $3,931,075

Cap Rate
7.65%
Tenant Name
La-Z-Boy
Years Remaining On Lease
6.10
Gross SF
15,340
Guarantor
Corporate Guarantee
Rentable SF
15,340
Price/Gross SF
$256.26
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$19.60

Investment Overview

Marcus and Millichap is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased,
corporate guaranteed, La-Z-Boy investment property located in York, PA. La-Z-Boy is an American furniture manufacturer based in Monroe,
Michigan that makes home furniture, recliners, sofas and employs more than 11,000 people. The tenant has 7 years remaining in their
initial term with 4 (5-year) option periods to extend. The lease features a 5% rental increase in October 2022 and during each option period,
steadily growing NOI and hedging against inflation. The lease is NNN with few landlord responsibilities making it an ideal, management free
investment opportunity for a local or out of state investor.
La-Z-Boy is strategically located on Route 30 which serves as the primary retail thoroughfare in the immediate trade area averaging 61,938
vehicles passing by daily. The asset is positioned less than half a mile to the NorthWest Plaza whose anchor tenants, Staples, ALDI, Dollar
Tree, and Tractor Supply promote crossover traffic to the site. Additionally, the site sits down the street from the The CrossRoads, (278,976
SF) a popular luxury mall anchored by LA Fitness, HomeGoods, PetSmart, AC Moore, and Arbys, benefitting from crossover traffic. Moreover,
the asset is 1 mile from UPMC Memorial Hospital, one of the largest in York with a five-level, 102 bed, private-patient-room medical facility
providing a direct consumer base from which to draw. The 3-mile trade area is supported by a dense population of over 89,294 residents with
an average household income of $46,316.

Investment Highlights

  • La-Z-Boy (NYSE: LZB) has over 350 locations and a market cap of $1.56 billion
  • Rare 5% increases throughout the initial term and option periods
  • Tenant Renewal Options: 4 Periods of 5 Years
  • Ideal, management-free investment for an out-of-state, passive investor
  • Situated in the highly coveted North York submarket in the path of growth
  • Positive Real Estate Fundamentals | Located Less Than 2-Miles from Downtown York

Exclusively Listed By

Listing Price: $3,931,075

Cap Rate
7.65%
Tenant Name
La-Z-Boy
Years Remaining On Lease
6.10
Gross SF
15,340
Guarantor
Corporate Guarantee
Rentable SF
15,340
Price/Gross SF
$256.26
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$19.60

Investment Highlights

  • La-Z-Boy (NYSE: LZB) has over 350 locations and a market cap of $1.56 billion
  • Rare 5% increases throughout the initial term and option periods
  • Tenant Renewal Options: 4 Periods of 5 Years
  • Ideal, management-free investment for an out-of-state, passive investor
  • Situated in the highly coveted North York submarket in the path of growth
  • Positive Real Estate Fundamentals | Located Less Than 2-Miles from Downtown York

Investment Overview

Marcus and Millichap is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased,
corporate guaranteed, La-Z-Boy investment property located in York, PA. La-Z-Boy is an American furniture manufacturer based in Monroe,
Michigan that makes home furniture, recliners, sofas and employs more than 11,000 people. The tenant has 7 years remaining in their
initial term with 4 (5-year) option periods to extend. The lease features a 5% rental increase in October 2022 and during each option period,
steadily growing NOI and hedging against inflation. The lease is NNN with few landlord responsibilities making it an ideal, management free
investment opportunity for a local or out of state investor.
La-Z-Boy is strategically located on Route 30 which serves as the primary retail thoroughfare in the immediate trade area averaging 61,938
vehicles passing by daily. The asset is positioned less than half a mile to the NorthWest Plaza whose anchor tenants, Staples, ALDI, Dollar
Tree, and Tractor Supply promote crossover traffic to the site. Additionally, the site sits down the street from the The CrossRoads, (278,976
SF) a popular luxury mall anchored by LA Fitness, HomeGoods, PetSmart, AC Moore, and Arbys, benefitting from crossover traffic. Moreover,
the asset is 1 mile from UPMC Memorial Hospital, one of the largest in York with a five-level, 102 bed, private-patient-room medical facility
providing a direct consumer base from which to draw. The 3-mile trade area is supported by a dense population of over 89,294 residents with
an average household income of $46,316.

Exclusively Listed By

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