Cushman & Wakefield Inks Planet Fitness Lease in Paterson, N.J.
Health Club to Open in Mountain Development's 100 Hamilton Plaza Office Tower.
- Bergen-Passaic, NJ (1888PressRelease) June 27, 2014 - Planet Fitness, the rapidly growing health club franchise, will open an 18,000-square-foot facility at 100 Hamilton Plaza in Paterson, announced Nancy Erickson, director of New Jersey Retail at commercial real estate services firm Cushman & Wakefield. The facility will occupy the first-floor retail space at this 175,000-square-foot downtown office tower.
Erickson and Jennifer Sofia, based at Cushman & Wakefield's East Rutherford, New Jersey, office, brokered the long-term lease on behalf of property owner Mountain Development Corp. Curtis Nassau and Florian Suserman from Ripco Real Estate served as tenant representative for the Planet Fitness franchisee, who operates several other regional locations.
"This was an interesting assignment," Erickson noted. "Our initial goal involved drawing a tenant - like Planet Fitness - that would serve as an amenity for office tenants at 100 Hamilton Plaza, but we saw interest from a range of users, from national restaurants to local furniture. The building offers 100 feet of retail frontage along Market Street, and the prior bank tenant used the rooftop branding that is visible from I-80 and throughout the city. This high visibility and the neighborhood's Urban Enterprise Zone benefits proved to be strong draws."
Previously occupied by TD Bank, the space was marketed as a 12,200-square-foot availability. While Planet Fitness was attracted to the building, it needed a larger footprint. Erickson and Sofia worked with Mountain Development Corp. to expand the square footage by incorporating hallways and surplus storage space.
"We were able to add about 6,000 square feet to accommodate Planet Fitness' requirements. The result is a real win for Mountain Development Corp, which has secured an excellent new tenant and building amenity, and ultimately increased the rentable space at 100 Hamilton Plaza," Sofia added.
The Planet Fitness space currently is under renovation. The health club is expected to open this summer. Erickson noted that in addition to drawing clients from companies located at the fully occupied 100 Hamilton Plaza, Planet Fitness will benefit from its location in the heart of a densely populated urban business center, near Passaic Community College and City Center Shopping Mall.
Cushman & Wakefield's New Jersey retail practice represents nearly two dozen New Jersey retail properties totaling more than 200,000 square feet. As tenant representatives, the team works with a range of regional and national tenants including Hess, Cabela's, Tom+Chee, AT&T, Project Pie, ASAP Urgent Care, Monkey Joe's, Kool Smiles, Cool de Sac, Burger King among several others.
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