Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, recently remodeled, freestanding Crunch Fitness investment property located in Greenville, South Carolina (Spartanburg MSA). Crunch Fitness, who currently occupies the building as a subtenant, recently executed a brand new 15-year lease, demonstrating their commitment to the site. Food Lion, under its current master lease, will continue to pay rent until Crunch Fitness’ rent commencement date in June 2026, bringing the total term remaining to 17 years. The Crunch Fitness lease features 1.25% annual rental increases throughout the initial term, steadily growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. The tenant is an experienced franchisee for the brand currently operating 4 locations with 6 more opening this year.

Crunch Fitness is strategically located near the signalized, hard-corner intersection of S. Pleasantburg Dr. and Frontage Rd., averaging a combined 22,800 vehicles passing by daily. Furthermore, the site benefits from direct on/off ramp access to Interstate 85, a major commuter and retail thoroughfare serving the Spartanburg MSA averaging 117,100 vehicles per day. In addition, the site benefits from excellent visibility via significant street frontage and large monument signs along S. Pleasantburg Dr. and Frontage Rd. The site is located directly across from a shopping center anchored by Home Depot, with other nearby national/credit tenants including Aldi, Dollar General, Family Dollar, Advance Auto Parts, Goodwill, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 136,000 residents and 125,000 employees, providing a steady, consistent consumer base from which to draw. Residents within 3 miles of the subject property boast an affluent average household income of $106,390.

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