Real estate brokerage firm Stan Johnson Company, has completed the sale of an 18,000-square-foot fitness and sports facility located on 10th Street West in Palmdale, CA. The building is leased to Planet Fitness, which purchased the asset for $5.5 million.
Stan Johnson Company’s Ronnie Givargis represented the seller in the transaction, a private investor based in New York. “Once we presented the tenant with a rent versus mortgage payment analysis, the tenant was eager to make their first investment property purchase,” said Givargis. “We procured several offers from interested parties, but ultimately it made the most sense to sell to the tenant in this case.”
Planet Fitness is the end-cap to a three-tenant center occupied by Hobby Lobby and Dollar Tree, and adjacent to national retailers including Walmart and Kohl’s. The tenant operates on a triple net lease that features rental increases and option periods.