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August 12, 2022
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RETAIL NEWS
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Planet Fitness Buys 18k sf Facility It had Been Leasing in Palmdale

7/21/22

An 18k sf fitness and sports facility leased to Planet Fitness in Palmdale was purchased for $5.5 mil ($305/sf) by the tenant. It was sold by a private investor based in New York City.

Built in 2017, the property is situated on 2.4 acres at 40014 10th Street West in northern Los Angeles County. Planet Fitness is the endcap to a three-tenant center occupied by Hobby Lobby and Dollar Tree, and adjacent to national retailers including Walmart, Sam’s Club and Kohl’s. The tenant operates on a triple net lease that features rental increases and option periods.

Stan Johnson Company’s Ronnie Givargis represented the seller in the transaction.

“Once we presented the tenant with a rent versus mortgage payment analysis, the tenant was eager to make their first investment property purchase,” said Givargis. “We procured several offers from interested parties, but ultimately it made the most sense to sell to the tenant in this case.”





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