Lake Worth Beach, FL - Crunch Fitness

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Crunch Fitness investment property located in Lake Worth Beach, Florida. The tenant, Crunch Fitness, Inc recently signed a brand new 20 year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. 70+ Unit Guaranty from the Largest Crunch Fitness Franchisee in the U.S. The franchisee is the largest Crunch Fitness franchisee with 70 opened clubs, 15+ under development, and 100+ units that are planned for 2026. Headquartered in New York City, Crunch serves two million members with over 460 gyms worldwide in 41 states, the District of Columbia, Australia, Canada, Costa Rica, Portugal, Puerto Rico, and Spain.

The Crunch Fitness is located near the signalized, hard corner intersection of Hypoluxo Rd. and S. Military Trail which combined to average 81,300 vehicles passing
by daily. The asset is located directly next to a Walmart Supercenter, increasing consumer traffic. The site is located in a dense retail corridor, with numerous nearby national/credit tenants including Aldi, Chipotle, Wendy’s, Publix, Starbucks, Wawa, Dunkin’, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, the Crunch Fitness is in close proximity to Elan Palm Reserve (384 units), Meadows on the Green (408 units), The View at Water’s Edge (404 units), further increasing consumer traffic to the immediate trade area. The 5-mile trade area is supported by over 360,000 residents and 97,000 employees, providing a direct consumer base from which to draw. Residents within a 1-mile radius of the subject property boast an affluent average household income of $127,605.