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AMC Theater (Great Real Estate & Recent Lease Extension)

$ 7,458,757
Tyngsboro, Massachusetts
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Newly Listed

Address: 440 Middlesex Road, Tyngsboro, Massachusetts, United States 01879

Type: Net Leased Movie Theater

Cap Rate: 7.00%

Lease Type: Double-Net (NN) Reimbursable

Annual Rent: $522,113

Net Operating Income: $522,113

Lease Term Remaining: 10.5 Years

Rental Increases: 8% Rent Increase + Percentage Rent at the Start of Each Option Period

Options: Two (2), Five (5)-Year Options

Rentable Sq/Ft: 39,474 SF

Rent Sq/Ft: $13.23

Price Sq/Ft: $189

Lot Size: 8.74 Acres

Marcus & Millichap is pleased to present the market positioning and pricing analysis for the AMC Theater located 440 Middlesex Road in Tyngsboro, MA. The property consists of approximately 39,474 rentable square feet with 12 theaters and a full bar. All 12 theaters have been renovated with their signature power-reclining chairs. The subject property has been a movie theater since 1991 and has approximately 10.5 years remaining on the double-net reimbursable lease. The tenant showed their commitment to the site by extending the lease early and renewing the lease early. The landlord is responsible for paying the property taxes, insurance, and common area expenses, however the tenant reimburses the landlord for those costs. In addition, the landlord is responsible for the repair and replacement of the roof and replacement of the parking lot, however the roof was fully replaced in 2015 with a 20-year roof warranty and the parking lot was resurfaced in 2018. The tenant reimbursed the landlord for the cost of repaving the parking lot and repainting the exterior of the building.

The tenant is currently paying a fixed rent of $522,113 that will continue throughout the remainder of the term. During the first tenant renewal period, the rent will increase by 8% and the landlord will collect percentage rent of 5% of the gross sales above $6,480,000. During the second renewal period, the rent will increase by another 8% and the landlord will collect percentage rent of 5% of the gross sales above $6,998,000.

This AMC property is located at 440 Middlesex Road in Tyngsboro, MA. Tyngsboro is ideally situated at the border of Massachusetts and New Hampshire. Across the border is Nashua, NH, which is a thriving bedroom community of Boston, MA. Nashua is the only city in America to be named twice by Money Magazine as the No. 1 ranked “Best Place to Live in America.” In addition to not having any state income tax, New Hampshire does not have sales tax, which brings shoppers across the border from northern Massachusetts. This has led to an extremely dense retail infrastructure and flourishing economy throughout the Daniel Webster retail corridor where this property is located off of.

The subject property is extremely well-positioned in the heart of a very dense retail corridor anchored by the Pheasant Lane Mall. Owned by Simon Property Group, the mall is one of the largest malls in New England and is the focal point of the commercial area in Nashua and Northern Massachusetts. The Pheasant Lane Mall has over 140 stores including Target, JC Penney, Sears, Macy’s, and Dick’s Sporting Goods and according to MSN.com, the Pheasant Lane Mall is the 7th highest sales per square foot in the country! Other tenants in the surrounding include: Costco, Home Depot, Jordan’s Furniture, CVS, Panera, Cumberland Farms, McDonald’s, Michaels, IHOP, Shaw’s, Bed Bath & Beyond, Longhorn Steakhouse, Chipotle, Olive Garden, and many, many more.
Furthermore, the surrounding area has a robust population with nearly 30,000 people residing within a three-mile radius of the property and approximately 103,000 people within a five-mile radius. This movie theater is located directly off of Middlesex Road (Daniel Webster Highway), which experiences an average daily traffic count of 30,251 vehicles per day and is only a short drive from US Route 3, which experiences 62,000 vehicles per day. In addition, the property benefits from being located in a very affluent community with average household income in a three-mile radius of more than $118,000.

Both Nashua and Tyngsboro have grown to become popular bedroom communities of Boston, which is the Massachusetts state capital, it is the largest city in New England, and the 23rd most populous city in the United States. Boston is also home to many colleges and universities that help make Boston an international center of higher education, including law, medicine, engineering, and business, and the city is considered to be a world leader in innovation and entrepreneurship with nearly 2,000 startups.

 

 

Broker of Record:  John Horowitz  License #1000303

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Glen Kunofsky

President, Founder
(212) 430-5115

Josh Kanter

Vice President, Investments
(212) 430-5189

Anthony D’Ambrosia

Vice President, Investments
(212) 430-5237