Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 2-tenant big-box, 100% occupied, Planet Fitness & Institute of Technology investment property located in Redding, California. Planet Fitness has just signed a 10-year lease with 2 (10-year) options to extend, featuring scheduled rent increases every 5 years. Institute of Technology recently executed a 5-year option with another extension option remaining. Both tenants operate under NNN leases, limiting expense leakage for a future investor. Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States, with over 2,250 locations. Institute of Technology has been one of the primary postsecondary education in the western U.S. since 1986.

The subject property is strategically located along Hilltop Dr. near the on/off ramp to both Interstate 5 and State Highway 44, averaging a combined 129,500 vehicles passing by daily. Furthermore, the property is ideally situated across Mt. Shasta Mall (316,661 SF), a dense, regional shopping mall with numerous national/credit tenants, including Macy’s, Pet Smart, T.J. Maxx, FoodMaxx, Sprouts, Trader Joe’s, Barnes & Noble, The Home Depot, 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 a population of over 98,700 with an average household income of $91,714.

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