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Views: 149 DOM: 105 Updated: 11.25.24 Posted: 08.09.24 Status: Sold 11.22.24

Summary

Price $3,750,000
Built/Renov 1980
Tenant LA Fitness
Cap Rate 8.00%
Lease Type Abs NNN
Guarantor Corp Rated
Size/SF 23,803
Lease Start 12-01-2022
#Units 800
Price/SF $157.54
Expiration 12-31-2034
Tenant Type Sport/Fitness
NOI $300,000
R. Term 10.0
Ownership Fee Simple
Rent/SF $12.60
Increases 15.0%/9/yrs
Pop 5Mi 144,755
Lot/AC 2.20
Options 3/5yrs/15%
AHHI 5Mi $90,399

Lease Highlights

  • LA Fitness has 10+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 15% rental escalations at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

LA Fitness is strategically located on Lincoln Mall Drive, with access to 17,500 vehicles passing by daily. The property is conveniently adjacent to Market Square Crossing, a prime mixed-use redevelopment in one of the southern suburbs' most vibrant villages, which includes a proposed 613 residential units. Additionally, it is situated off I-57 (54,500 VPD) and is only 30 minutes from downtown...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: LA Fitness
  • Guarantor:Corp Rated
  • Company:Fitness International, LLC
  • # Units:800
  • Tenant S&P: B
  • Moody’s: B2
  • 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 Fitness,...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 4,013 50,794 141,056
2024 Total Population : 4,161 51,743 144,121
2024 Employed Civilian Pop : 1,863 24,853 68,853
2024 Total Businesses : 368 1,472 3,615
2024 Average Household Income : $ 95,598 $ 98,333 $ 104,186
2024 Total Consumer Spending : $ 139 M $ 1747 M $ 5047 M
2024 Median Age : 44 43 41
2024 Total Households : 1,661 20,193 55,126
2024 Pop Age 25+: Bachelor's Degree : 644 7,755 21,709
2024 Average Home Value : $ 300,172 $ 235,012 $ 259,204
*ESRI data is presented for informational purposes only

Listing Broker

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