LA Fitness - Metrocenter

10046 N Metro Pkwy W Phoenix , AZ 85051-1437

LA Fitness - Metrocenter - Retail for sale

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Overview


The Property is a freestanding retail building that is anchored by LA Fitness (73% of GLA), and also tenanted by Pain Stop Clinic and three vacant retail suites. LA Fitness is on a NN lease with 4 years of contractual lease term remaining. The Asset is situated along North Metro Parkway and adjacent to the Metrocenter Mall which is a planned-urban development (PUD) which will transform the landmark asset from a retail only development, to a successful multi-faceted, mixed-use environment. In May 2018, Phoenix City Council approved funding and expansion of Valley Metro Lite Rail to the Metrocenter Mall, which will give regional access to the area. The Asset is in close proximity to the intersection of Peoria Avenue (41,000+ VPD) and Interstate 17 (206,000+ VPD). The Asset is strategically positioned in the major retail trade area of north Phoenix and is surrounded by 13 hotels and many national retailers such as Wal Mart, PetSmart, Barnes & Noble, Ross Dress for Less, Burlington, Michaels, Guitar Center, Petco and many more.

Investment Highlights


Performing anchor tenant + upside potential with lease-up of vacant retail suites
Adjacent to Metrocenter Mall, which will be redeveloped (PUD) planned urban development which will include office, medical office, hotel, residential, retail, dining and entertainment
Close proximity to future Lite Rail access which will give ease of accessibility throughout the Phoenix Metro Area
Well-positioned along North Metro Parkway adjacent to the Metrocenter Mall and near major roads Peoria Avenue (41,000+ VPD) and Interstate 17 (206,000+ VPD)
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 10046 N Metro Pkwy W, Phoenix, AZ 85051-1437
Land In Acres 4.05
Building Size 49,303  ft2
Financial
Price $8,635,543
Cap Rate 10.50%
Current NOI $906,732.00
Lease
Tenant's Name FITNESS INTERNATIONAL, LLC
Lease Type NN
Annual Rent $890,119.00
Lease Expiration Date 09/30/2022
Remaining Term 3.4Yrs

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