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Fitness Center

Planet Fitness | Brand New 15-Year Absolute NNN Lease | Tacoma, WA (Seattle MSA)

817 E 72nd St, Tacoma, WA 98404

Listing Price: $3,840,000

Cap Rate
6.25%
Tenant Name
Planet Fitness
Guarantor
Franchisee Guarantee
Rentable SF
22,450
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$10.69

Investment Overview

Marcus & Millichap’s Brown Retail Group has been selected to exclusively market for sale a successful Planet Fitness location in Tacoma, WA. Planet Fitness will be signing a brand new 15-year NNN lease at closing featuring 10% rent increases every 5 years. The Tenant is JEG VIPER LLC, a top performing Pacific Northwest Planet Fitness operator, with seven Planet Fitness locations in the Pacific Northwest boasting strong annual memberships and annual revenue. This Planet Fitness location received approximately $1,900,000 in improvements paid for by the tenant in 2016 featuring brand new HVAC, transformer/electrical, plumbing, landscaping, lighting, parking lot and interior renovations. The Lease, that will be signed at closing, features a below market rent at just $10.69/SF providing a low operating cost for the tenant and a very replaceable rent for the landlord. The Property is located in rapidly growing Tacoma, WA and features excellent surrounding demographics with over 266,000 residents within a 5-mile radius of the subject Property. Planet Fitness has been successfully operating for over 30 years and currently has over 2,200 locations globally including the United States, Canada, Dominican Republic, Panama, Mexico and Australia.

Investment Highlights

  • ATTRACTIVE SELLER FINANCING AVAILABLE
  • BRAND NEW 15-YEAR NNN LEASE
  • TOP PERFORMING PACIFIC NORTHWEST PLANET FITNESS OPERATOR
  • STRONG DEMOGRAPHICS/OVER 266,000 RESIDENTS WITHIN A 5-MILE RADIUS
  • OVER $1,900,000 IN TENANT IMPROVEMENTS MADE BY TENANT IN 2016
  • LOW RENT ($10.69/SF) / PRICED WELL BELOW REPLACEMENT COST
  • DOMINATE, GLOBAL FITNESS BRAND
  • 10% RENT INCREASES EVERY 5 YEARS

Exclusively Listed By

Fitness Center

Planet Fitness | Brand New 15-Year Absolute NNN Lease | Tacoma, WA (Seattle MSA)

Listing Price: $3,840,000

Cap Rate
6.25%
Tenant Name
Planet Fitness
Guarantor
Franchisee Guarantee
Rentable SF
22,450
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$10.69

Investment Highlights

  • ATTRACTIVE SELLER FINANCING AVAILABLE
  • BRAND NEW 15-YEAR NNN LEASE
  • TOP PERFORMING PACIFIC NORTHWEST PLANET FITNESS OPERATOR
  • STRONG DEMOGRAPHICS/OVER 266,000 RESIDENTS WITHIN A 5-MILE RADIUS
  • OVER $1,900,000 IN TENANT IMPROVEMENTS MADE BY TENANT IN 2016
  • LOW RENT ($10.69/SF) / PRICED WELL BELOW REPLACEMENT COST
  • DOMINATE, GLOBAL FITNESS BRAND
  • 10% RENT INCREASES EVERY 5 YEARS

Investment Overview

Marcus & Millichap’s Brown Retail Group has been selected to exclusively market for sale a successful Planet Fitness location in Tacoma, WA. Planet Fitness will be signing a brand new 15-year NNN lease at closing featuring 10% rent increases every 5 years. The Tenant is JEG VIPER LLC, a top performing Pacific Northwest Planet Fitness operator, with seven Planet Fitness locations in the Pacific Northwest boasting strong annual memberships and annual revenue. This Planet Fitness location received approximately $1,900,000 in improvements paid for by the tenant in 2016 featuring brand new HVAC, transformer/electrical, plumbing, landscaping, lighting, parking lot and interior renovations. The Lease, that will be signed at closing, features a below market rent at just $10.69/SF providing a low operating cost for the tenant and a very replaceable rent for the landlord. The Property is located in rapidly growing Tacoma, WA and features excellent surrounding demographics with over 266,000 residents within a 5-mile radius of the subject Property. Planet Fitness has been successfully operating for over 30 years and currently has over 2,200 locations globally including the United States, Canada, Dominican Republic, Panama, Mexico and Australia.

Exclusively Listed By

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