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 Freestanding, Corp Signed EoS Fitness investment property located in French Valley, California (Temecula MSA). The tenant, Fitness Alliance, LLC, recently executed a brand new 20-year lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is signed by the corporate entity, and is NNN with limited landlord responsibilities, making it an ideal, low management investment opportunity for a passive investor. The building will feature state-of-the-art, brand new construction with modern amenities and design. The building is estimated to open to business in May 2024, and the tenant has already started paying rent.

EoS Fitness is strategically located near the signalized, hard corner intersection of Winchester Road and Thompson Road, averaging a combined 36,100 vehicles passing by daily. Furthermore, EoS Fitness is ideally situated as the anchor to French Valley Marketplace, a 78,400 SF, brand new shopping center featuring other national/credit tenants such as Grocery Outlet, McDonald’s (Corporate), Chipotle, and 7-Eleven. Other nearby retail centers include grocery anchored French Valley Village Center (118,600 SF), French Valley Commons (38,300 SF), and French Valley Crossings (69,000 SF / In Development). Winchester Road (28,000 VPD) is the primary retail corridor serving the trade area, with other nearby national/credit tenants including Stater Bros. Market, CVS Pharmacy, O’Reilly Auto Parts, Dollar Tree, Crunch Fitness, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for EoS Fitness. Moreover, the site is between two prominent apartment complexes, Pacific Landing Luxury Apartments (325 units) and Dakota Apartments (174 units), providing a direct consumer base from which to draw. The 5-mile trade area is supported by more than 159,000 residents and 24,000 daytime employees. Residents within 3 miles of the subject property boast an affluent average household income of $142,753.

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