Northmarq Brokers $5.5 Million Sale of Los Angeles, California Area Planet Fitness
Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a fitness and sports facility located at 40014 10th Street West in Palmdale, California. The 18,000-square-foot property is leased to Planet Fitness. Northmarq’s Ronnie Givargis represented the seller, a private investor based in New York City, New York. The tenant acquired the asset for approximately $5.5 million.
“Once we presented the tenant with a rent versus mortgage payment analysis, the tenant was eager to make their first investment property purchase,” said Ronnie Givargis, Senior Director in Northmarq’s Newport Beach, California office. “We procured several offers from interested parties, but ultimately it made the most sense to sell to the tenant in this case.”
The property is situated on 2.4 acres in a northern suburb of Los Angeles and was built in 2017. Planet Fitness is the endcap to a three-tenant center occupied by Hobby Lobby and Dollar Tree and adjacent to national retailers including Walmart, Sam’s Club and Kohl’s. The tenant operates on a triple net lease that features rental increases and option periods.