This lease took over two years and required a lot of moving parts including multiple location changes, use restrictions, termination agreements, septic capacity and combining multiple spaces. The corporate Planet Fitness store will take over three spaces formally occupied by Gap, Justice and New York & Co. Planet Fitness was attracted to the center’s position in the market and the Best Market grocery anchor. Other co-tenants include Rite Aid, Outback Steakhouse, Sherwin-Williams, Tropical Smoothie Cafe and LOFT. A Stein Mart recently closed, but the landlord is already working with replacement tenants to fill the space.
Tenant: Planet Fitness
Location: Mayfair Shopping Center, Commack, N.Y.
Square Footage: 19,865 s.f.
Property Type: Grocery-Anchored Center
Lease Rate: $20/s.f. NNN Initial Base Rent
Owner/Developer: Arlona Limited Partnership
Build-out Costs: Upwards of $1M
Mayfair Shopping Center serves a residential population of 201,503 people with household incomes of $144K within five miles of the property. The shopping center is located directly on the Jericho Turnpike with 23,222 vehicles that pass each day. The lease includes a 15-year initial term and Planet Fitness took on all the landlord-based building work including combining the three spaces. The location should open by the end of Q2 or Q3 of 2021.
Levin Management Corporation: 975 U.S. Highway 22 W., North Plainfield, NJ 07060.
EJ Moawad, Landlord Representation, (908) 226-5266. emoawad@levinmgt.com
