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Views: 35 DOM: 111 Updated: 06.21.23 Posted: 12.07.22 Status: Sold 03.28.23

Summary

Price $15,450,000
Built/Renov 2012
Tenant LA Fitness
Cap Rate 6.75%
Lease Type Double NN
Guarantor Corporate
Size/SF 45,000
Lease Start 02-13-2013
#Units 716
Price/SF $343.33
Expiration 02-28-2031
Tenant Type Sport/Fitness
NOI $1,042,600
R. Term 6.2
Ownership Fee Simple
Rent/SF $23.17
Increases 10.0%/5/yrs
Pop 5Mi 570,279
Lot/AC 3.79
Options 3/5yrs/10%
AHHI 5Mi $93,239

Lease Highlights

  • In October of 2020, LA Fitness extended their original 15 year lease out an additional 3 years to 2031, leaving a current term remaining of ±8.2 years
  • Lease features 10% rental increases in each of the 3 (5-year) options
  • Guaranteed by the corporate entity, Fitness International LLC

Location Description

LA Fitness is ideally positioned with excellent access and visibility along Westheimer Road (64,749 VPD), just feet from its intersection with South Gessner Road (28,810 VPD) and 1.2 miles east of Sam Houston Tollway (192,570 VPD). The property co-anchors the 129,000 SF Woodlake Pointe Shopping Center along with Tesla Motors and is immediately adjacent to Taco Bell, McDonald’s, Jack in the...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: LA Fitness
  • Guarantor:Corporate
  • 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
2027 Total Population : 29,779 211,065 579,469
2022 Total Population : 29,298 206,869 566,680
2022 Employed Civilian Pop : 16,388 108,355 295,475
2022 Total Businesses : 1,987 15,110 40,395
2022 Average Household Income : $ 78,331 $ 94,907 $ 103,225
2022 Total Consumer Spending : $ 1003 M $ 7229 M $ 20630 M
2022 Median Age : 36 35 35
2022 Total Households : 14,598 87,654 231,133
2022 Pop Age 25+: Bachelor's Degree : 6,646 41,155 105,143
2022 Average Home Value : $ 345,003 $ 567,133 $ 525,731
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Tanglewilde St Westheimer Rd 2011 2,890 0.13 mi
South Gessner Road Westheimer Rd 2019 28,210 0.18 mi
Tanglewilde St Westheimer Rd 2006 7,960 0.18 mi
S Gessner Rd Westheimer Rd 2011 28,810 0.20 mi
Westheimer Rd E Rivercrest Dr 2011 63,090 0.26 mi
Highmeadow Dr Westerland Dr 2011 210 0.31 mi
Westerland Dr Winsome Ln 2011 980 0.31 mi
Tanglewilde St Ella Lee Ln 2014 5,888 0.32 mi
Westerland Dr Westheimer Rd 2006 5,770 0.32 mi
E Rivercrest Dr Westheimer Rd 2001 290 0.35 mi

Listing Broker

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