Former LA Fitness For Sale/Lease

Listing was updated at: 01/29/2020
Property Overview
Price/Rent PSF $ 7,500,000.00
Asset Type Retail
Trade Type Sale & Lease
SQ. FT. Available 49,783
Date Available 01/29/2020
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Parking 199
Floors 1
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Description

Location
The subject property is located directly across from the Metro Center Mall off of the intersection of I-17 and Peoria Ave. Within a five mile radius of the property includes a strong population total upwards of 460,000 and upwards of 175,000 households. There is a high level of optimism in the immediate trade area with ongoing redevelopment plans being proposed for Metro Center Mall by investment and development group, Carlyle Development Group. General plans from Carlyle include a complete rezoning of the property paving the way for several planned projects with intent to fully revitalize the mall and in turn, the neighboring communities. Recent activities include a number of national fast food chains entering the market as well as the development of a brand new Walmart Supercenter. While the Metro Center sub market experienced challenging times through the recent recession and a changing retail climate, Carlyle's plans moving forward breathe great optimism into the area moving forward.

Sale
SVN is pleased to present to the market this former LA Fitness for sale or lease. The property totals ±49,783 SF on a 4.05 AC lot. While LA Fitness has recently physically vacated the space, they are still obligated under their lease term through July 2022. Additionally, there is a chiropractic group under lease through February 2023 presenting a unique opportunity for an investor to patiently organize future plans for the asset while collecting upwards of $1mm of rent per year in the interim. Alternatively, with over 90% of the building physically vacant, there is also great potential for an owner user or large tenant alike to facilitate early lease termination discussions paving the way for immediate occupancy of the building. The current owner is very motivated and can creatively structure either a mutually beneficial sale or lease of the property.

Lease
SVN is pleased to present to the market this former LA Fitness for sale or lease. The property totals ±49,783 SF on a 4.05 AC lot. While LA Fitness has recently physically vacated the space, they are still obligated under their lease term through July 2022. Additionally, there is a chiropractic group under lease through February 2023 presenting a unique opportunity for an investor to patiently organize future plans for the asset while collecting upwards of $1mm of rent per year in the interim. Alternatively, with over 90% of the building physically vacant, there is also great potential for an owner user or large tenant alike to facilitate early lease termination discussions paving the way for immediate occupancy of the building. The current owner is very motivated and can creatively structure either a mutually beneficial sale or lease of the property.

Location