Longwood, FL - LA Fitness

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a freestanding, corporate guaranteed,
LA Fitness investment property located in Longwood, Florida. The tenant, Fitness International, LLC, has approximately 10 years remaining on its lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features $1.50 PSF 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 NN with limited landlord responsibilities making it an ideal, minimal-management investment opportunity for a passive investor. Founded in 1984, LA Fitness is one of the largest health club brands in the country with 700+ locations.

The site has excellent position and visibility near the signalized, hard corner intersection of South US Highway 17-92 and State Highway 434, a heavily trafficked intersection supporting 108,400 vehicles passing daily. South US Highway 17-92 is the primary retail thoroughfare serving northern Orlando, featuring national/credit tenants including Target, Home Depot, Lowe’s, Starbucks, and Chick-fil-A. LA Fitness has access to a dense consumer base consisting of many single family homes and apartment communities, including the Avenues at Winter Springs (552 units), Reserve at Lake Irene (384 units), Weston Park Apartments (208 units), and Seville on the Green (170 units), all of which are within 2-miles of the site. Longwood is an affluent suburb 11-miles north of Orlando, the fourth largest city in the state with 323,000+ residents, providing a further consumer base from which to draw. The 5-mile trade area is supported by a population of over 206,200 residents and 95,700 employees with an average household income of $106,534.