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8/22/22
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A SoCal-based family partnership paid $8.15 mil for a 17k sf ($479/sf), single-tenant property occupied by Planet Fitness in San Diego, in an all-cash deal. At a 4.90% cap rate, the sale broke a national record for the lowest ever cap rate for a Planet Fitness-occupied property, per CoStar.
Built in 1986 and renovated in 2020, the property sits on 1.74 acres at 9420 Scranton Rd, at the intersection of Mira Mesa Blvd and Scranton Rd, near the 805 Fwy. There are more than 239,000 residents and 287,000 employees within five miles of the property.
Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the buyer and the seller, a Southern California-based retail property owner and operator.
“At the entrance of the Sorrento Mesa hub, this asset offers the new ownership a prime San Diego infill location just two miles from UCSD and adjacent to Sorrento Towers which is a direct customer base for Planet Fitness to draw from,” said Mousavi. “The demand from investors and tenants for fitness property is back, and this high-profile, record-breaking low cap rate sale is testament to that. We received a tremendous amount of interest and several offers.”
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