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Views: 131 DOM: 8 Updated: 10.24.24 Posted: 09.09.24 Status: Sold 09.18.24

Summary

Price $7,875,000
Built/Renov 2005
Tenant LA Fitness
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp Rated
Size/SF 45,000
Lease Start 05-01-2021
#Units 800
Price/SF $175.00
Expiration 04-30-2038
Tenant Type Sport/Fitness
NOI $472,500
R. Term 13.4
Ownership Fee Simple
Rent/SF $10.50
Increases 10.0%/2/yrs
Pop 5Mi 434,133
Lot/AC 5.15
Options 3/5yrs/10%
AHHI 5Mi $105,603

Lease Highlights

  • LA Fitness has 13+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

LA Fitness is strategically located on W President George Bush Highway, with access to 8,340 vehicles passing by daily and visibility from a freeway with 134,552 VPD. The property is surrounded by hotels, apartment complexes, and numerous national retailers, including Subway, Dunkin' Donuts, Smoothie King, and Chipotle. Key educational institutions in the vicinity include Vines High School,...

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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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Listing Broker

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