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Views: 129 DOM: 674 Updated: 08.27.24 Posted: 02.17.23 Status: Active

Summary

Price $8,320,258
Built/Renov 2015
Tenant LA Fitness
Cap Rate 7.75%
Lease Type Abs NNN
Guarantor Corp Rated
Size/SF 38,000
Lease Start 02-27-2016
#Units 716
Price/SF $218.95
Expiration 02-28-2034
Tenant Type Sport/Fitness
NOI $644,820
R. Term 9.2
Ownership Fee Simple
Rent/SF $16.97
Increases 10.0%/5/yrs
Pop 5Mi 101,905
Lot/AC 5.23
Options 3/5yrs/10%
AHHI 5Mi $88,120

Lease Highlights

  • LA Fitness has been operating at this location since 2015
  • By visits, this LA Fitness location ranks among the top 16% of all fitness centers locally (15-miles), the top 23% in South Carolina and top 31% nationwide, per Placer.ai.
  • The tenant has over 10 years remaining on its current lease term with 3 (5-year) options to extend
  • Lease features 10% rent increases every 5 years throughout the initial term and each option
  • Absolute NNN lease zero landlord responsibilities
  • Corporate guarantee by Fitness International LLC

Location Description

LA Fitness is strategically located along Arden Lane, right off Herlong Avenue, which sees over 23,400 VPD and is less than 4 miles away from Interstate 77 which averages 114,400 VPD. The asset anchors Millwood Shopping Center (184,000 SF) with tenants including Chico’s, Alta, Talbots, Smoothies King, McAlister’s Deli, Hibachi Express, Poke Bowlz and over 44,000 SF of medical office space. The...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Fitness International, LLC
  • Guarantor:Corp Rated
  • Company:Fitness International LLC
  • # Units:716
  • Tenant S&P: B-
  • Moody’s: B3
  • Stock:Private

About Tenant

Fitness International, LLC (dba LA Fitness) is one of the fastest-growing health club chains in the U.S .. Founded in 1984 in Los Angeles, CA, today they operate under the brand names LA...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 9,065 59,534 109,304
2023 Total Population : 8,833 56,109 102,686
2023 Employed Civilian Pop : 4,450 26,971 50,500
2023 Total Businesses : 480 2,225 3,503
2023 Average Household Income : $ 85,224 $ 83,622 $ 88,569
2023 Total Consumer Spending : $ 289 M $ 1647 M $ 3179 M
2023 Median Age : 41 37 37
2023 Total Households : 3,927 22,678 41,333
2023 Pop Age 25+: Bachelor's Degree : 2,219 9,118 16,818
2023 Average Home Value : $ 330,938 $ 290,943 $ 303,169
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Herlong Avenue Chanting Bird Dr 2021 19,900 0.20 mi
South Herlong Avenue Constitution Blvd 2021 23,400 0.39 mi
Ebenezer Rd Bailey Ave 2012 7,300 0.71 mi
Ebenezer Road Fredrick St 2021 10,900 0.79 mi
India Hook Road Shadowbrook Dr 2021 7,600 0.82 mi
Constitution Boulevard Hancock Union Ln 2021 10,400 0.85 mi
Constitution Blvd Hancock Union Ln 2017 11,200 0.88 mi
Ebenezer Road Twin Lakes Rd 2021 10,100 0.90 mi
Twin Lakes Road Coventry Ln 2021 4,700 0.93 mi
Charlotte Avenue Glendale Dr 2021 2,700 0.99 mi

Listing Broker

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