Overview

Description

• Brand new 10-year lease with 1 (5-year) option to extend
• The lease is corporate signed by Luxottica of America, Inc.
• Luxottica is a leader in the optical industry covering more than 150 countries across five continents and is complemented by an extensive retail network of approximately 9,200 stores
• Luxottica’s parent entity is EssilorLuxottica, which has €14.4 billion in revenues and €38.2 billion in capitalization. The company has a portfolio of proprietary and licensed brands including Ray-Ban, Oakley, Michael Kors, Transitions, Lenscrafters, Sunglass Hut and Pearle Vision
• This asset is a relocation store which did $3.5M in sales
• The lease includes 12.50% rental increases in lease year 6 and at the beginning of the option, growing NOI and hedging against inflation

• LensCrafters is strategically located off State Highway 17 (96,600 VPD)
• State Highway 17 is the primary North/South throughfare serving New Jersey
• Less than two miles west of Garden State Parkway (86,500 VPD)
• The asset is an outparcel to the Fashion Center Paramus, a 500,000 SF indoor shopping mall with tenants such as Amazon Fresh, Best Buy, Bed Bath & Beyond, TJ Maxx, Buy Buy Baby and more
• Strong tenant synergy promotes crossover shopping to the subject property

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