Chicago IL - LA Fitness.

Description:

Long-Term Single Tenant Net Lease | Fee Simple Ownership
Approximately 4 years remaining with limited landlord maintenance/expense responsibilities making this an ideal investment for a passive or out-of-town investor
Landlord responsible for roof, structure and foundation

Rental Increases.
The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option, increasing the NOI and providing protection against inflation.

Credit Tenant | Corporate Lease.
The lease is signed by Fitness International, LLC, rated “B” Stable by S&P, the largest non-franchised fitness club operator in the US with over 728 locations throughout the country.
LA Fitness’ sales for FY24 are estimated to have grown by 10% to $2.3 billion.

Densely Populated and Affluent Trade Area.
More than 709,000 residents and 235,000 employees within 5 miles with an average household income over $136,000, projected to increase to $147,000 by 2030.

High Traffic / Excellent Visibility.
Located at the signalized intersection of North Broadway in excess of 21,000 vpd.
Also located on the Red Line of the Chicago Transit Authority (CTA) rail system, one block north of the Granville stop.
The Red Line recorded over 756,000 total passenger entries at the Granville stop in 2024.

Strategic Retail Corridor Location.
Situated in a dense retail corridor surrounded by major national retailers such as Whole Foods Market, Target, Walgreens, Burlington, CVS, PetSmart, ALDI, Chase Bank, McDonalds & Starbucks
Provides a steady flow of customers for a stable membership base.

Limited Competition.
Only 1 other national fitness brand located within 2.5 miles – Anytime Fitness located at 1346 W Devon Ave.

Rare Dense Infill Chicago Location.
LA Fitness is strategically located in the Edgewater neighborhood of Chicago, 3 blocks west of Lake Michigan, in a densely populated area with high barriers to entry and new development.

Major Education Center Proximity.
½ mile south of Loyola Chicago University with over 17,000 students.
½ mile northeast of Senn High School with ~1,516 students.
Approximately 5 miles from Northwestern University of about 22,000.

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Listing ID: a28TP000001lTqnYAE