100% Net Leased Mixed Use Building Government Tenant
100% NNN Leased Mixed Use Building | 6.40% CAP | Government Tenant
Marketing description
Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale the ground leased 100% Net Leased Mixed Use Building (Hotel + Retail) Former Wyndham Garden LaGuardia South, located at 92-77 Queens Blvd Rego Park, NY 11374 in the Rego Park neighborhood of Queens, New York.
This marketing package presents an opportunity to acquire the 100% Leased Former Wyndham Garden LaGuardia South property which includes a 50-key hotel and the retail component of Retro Fitness, Starbucks, and the parking garage.
The property is situated on a highly visible corner lot with excellent frontage on Queens Boulevard, a major thoroughfare in the area. The retail component comprises a total of 41,359± rentable square feet, with Retro Fitness occupying 20,524± square feet, Starbucks occupying 2,461± square feet, and the Target parking garage providing 18,374± square feet of space.
The property benefits from a strong tenant roster, with Retro Fitness and Starbucks both having long-term leases in place. Retro Fitness, a popular health club chain, has a triple-net lease with an initial term of 10 years and two 5-year renewal options. Starbucks, which includes a drive-thru lane, occupies a prime ground-level space and has a lease in place with favorable terms. Community Housing occupies 19,000± square feet and recently signed a 10-year lease with options.
The current net operating income (NOI) is approximately $2,540,000 and the property is well-positioned to benefit from the strong demand for retail space in the Rego Park area, which has seen significant growth in recent years. The area is home to a diverse mix of retail, dining, and entertainment options, and is easily accessible by public transportation and major highways.
Overall, this offering presents a rare opportunity to acquire a high-quality mixed-use asset in a prime location with strong tenant demand and favorable lease terms. A compelling value proposition for investors seeking to capitalize on the growth potential of the Rego Park area.
Investment highlights
The property benefits from a strong tenant roster, with Retro Fitness and Starbucks both having long-term leases in place. Retro Fitness, a popular health club chain, has a triple-net lease with an initial term of 10 years and two 5-year renewal options. Starbucks, which includes a drive-thru lane, occupies a prime ground-level space and has a lease in place with favorable terms. Community Housing occupies 19,000± square feet and recently signed a 10-year lease with options.
The current net operating income (NOI) is approximately $2,540,000 and the property is well-positioned to benefit from the strong demand for retail space in the Rego Park area, which has seen significant growth in recent years. The area is home to a diverse mix of retail, dining, and entertainment options, and is easily accessible by public transportation and major highways.
Overall, this offering presents a rare opportunity to acquire a high-quality mixed-use asset in a prime location with strong tenant demand and favorable lease terms. A compelling value proposition for investors seeking to capitalize on the growth potential of the Rego Park area.
Starbucks
Starbucks is a well-known coffeehouse chain that occupies a prime ground-level space at the property. The space includes a drive-thru lane, which is a highly desirable feature for customers. Starbucks has a long-term lease in place with favorable terms, making it a stable and reliable tenant for the property.
Retro Fitness
Retro Fitness is a popular health club chain that occupies a significant portion of the property's retail space. The space includes a gym, locker rooms, and other fitness amenities. Retro Fitness has a triple-net lease with an initial term of 10 years and two 5-year renewal options, providing stability and predictability for the property's cash flow.
Target Park
Target Park is a parking garage that occupies a significant portion of the property's basement level. The parking garage provides convenient parking for customers of the property's retail tenants, as well as visitors to the area. Target Park has a lease in place with favorable terms, making it a stable and reliable tenant for the property.
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