Annual rent is slightly more than $1 million and Greenback plans to lease the property through November 2016. The 12-year lease is "guaranteed by the high net worth of the owner," according to CB Richard Ellis. The capitalization rate at the asking price equates to 7.8%.
There is a 6% bump in the lease rate every three years. Greenback opened Fat City almost exactly four years ago on the nearly 11.4-acre site. Before that, it was known as FunPlex, which failed.
Almost 15,000 people live within a mile of the center, with an average household income of $82,528. Within a three-mile radius there are 94,885 people, with a median household income of $80,693. And within a five-mile radius, there are 159,366 people, with a median household income of $73,874.
Fat City includes 40-lane refurbished bowling alley, a full-service bar, flat-screen televisions above the lanes, a billiards room and restaurants. It also sports a full-sized roller-skating rink, a state-of-the-art arcade, a pizza parlor, laser tag, miniature golf and a multi-level children's Nerf ball tower. Competitors include Dave & Buster's and Red and Jerry's.
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