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Fitness Center

LA Fitness | 20 Year Lease | 2023 New Construction | 37,000 SF Prototype | Chicago MSA

6791 Dempster St, Morton Grove, IL 60053

Listing Price: $15,010,569

Cap Rate
6.15%
Tenant Name
LA Fitness
Years Remaining On Lease
19.9
Guarantor
Corporate Guarantee
Rentable SF
37,000
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$24.95

Investment Overview

The NNN Fitness group is pleased to present this rare opportunity to acquire a brand new construction, trophy LA Fitness located in Morton Grove, IL. With a hard rent commencement date of Jan 1st, 2023, the purchaser will benefit from a brand new 20 year lease with structured increases every 5 years with Fitness International, LLC (Corporate signature). LA Fitness previously operated at this site prior to the 27 Acre Sawmill Station redevelopment providing a built-in membership base for immediate success. This 37,000 SF prototype for LA Fitness will feature high-end amenities such as state-of-the-art equipment, group fitness classes, indoor cycling, a spa, and an indoor pool. The property is located in the Sawmill Station development, a new and modern shopping, dining and entertainment experience for Morton Grove residents. Named after the area’s historic Miller’s Mill, the 27-acre redevelopment project is ideally located along the highly visible and easily accessible corner of Dempster Street and Waukegan Road and has become the new hub of Morton Grove. The development features an unmatched mix of experiences attracts residents to this long-awaited neighborhood gathering place that includes Kohls, Amazon Fresh, LA Fitness, Coopers Hawk Winery and Restaurant, Ross, Starbucks, and more. LA Fitness benefits from a dense 3-mile population of 149,188 residents with an average household income of $113,592 per year.

Investment Highlights

  • Brand New Construction, Corporate Long Term Lease
  • Modern Shopping, Dining & Entertainment Lifestyle Center
  • Captive Audience for New , State-of-the-Art Health Club
  • Strong Daytime Population & Compelling Demographics

Exclusively Listed By

  • Mark Thiel

    Senior Managing Director Investments

    (858) 373-3206

    Email Mark

    License(s): CA: 01469342

    San Diego

  • Jake M. Bordelon

    Senior Associate

    Email Jake

    License(s): CA: 02048307

    San Diego

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Financing By

Fitness Center

LA Fitness | 20 Year Lease | 2023 New Construction | 37,000 SF Prototype | Chicago MSA

Listing Price: $15,010,569

Cap Rate
6.15%
Tenant Name
LA Fitness
Years Remaining On Lease
19.9
Guarantor
Corporate Guarantee
Rentable SF
37,000
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$24.95

Investment Highlights

  • Brand New Construction, Corporate Long Term Lease
  • Modern Shopping, Dining & Entertainment Lifestyle Center
  • Captive Audience for New , State-of-the-Art Health Club
  • Strong Daytime Population & Compelling Demographics

Investment Overview

The NNN Fitness group is pleased to present this rare opportunity to acquire a brand new construction, trophy LA Fitness located in Morton Grove, IL. With a hard rent commencement date of Jan 1st, 2023, the purchaser will benefit from a brand new 20 year lease with structured increases every 5 years with Fitness International, LLC (Corporate signature). LA Fitness previously operated at this site prior to the 27 Acre Sawmill Station redevelopment providing a built-in membership base for immediate success. This 37,000 SF prototype for LA Fitness will feature high-end amenities such as state-of-the-art equipment, group fitness classes, indoor cycling, a spa, and an indoor pool. The property is located in the Sawmill Station development, a new and modern shopping, dining and entertainment experience for Morton Grove residents. Named after the area’s historic Miller’s Mill, the 27-acre redevelopment project is ideally located along the highly visible and easily accessible corner of Dempster Street and Waukegan Road and has become the new hub of Morton Grove. The development features an unmatched mix of experiences attracts residents to this long-awaited neighborhood gathering place that includes Kohls, Amazon Fresh, LA Fitness, Coopers Hawk Winery and Restaurant, Ross, Starbucks, and more. LA Fitness benefits from a dense 3-mile population of 149,188 residents with an average household income of $113,592 per year.

Exclusively Listed By

  • Mark Thiel

    Senior Managing Director Investments

    (858) 373-3206

    Email Mark

    License(s): CA: 01469342

    San Diego

  • Jake M. Bordelon

    Senior Associate

    Email Jake

    License(s): CA: 02048307

    San Diego

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

Financing By

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