LA Fitness - Florence, KY

430 Meijer Dr Florence , KY 41042-5128

LA Fitness - Florence, KY - Retail for sale

Download Offering Memorandum

Overview


JLL is pleased to offer for sale the fee-simple interest in a single-tenant LA Fitness located in Florence, KY, within the Cincinnati MSA. The Property is leased to Fitness & Sports Clubs, LLC (the “Tenant”) on a long-term, absolute NNN lease with a corporate guarantee from Fitness International, LLC, d/b/a LA Fitness. The Asset is strategically located with visibility from Interstate 75 (171,000 VPD), and adjacent to Meijer, Home Depot and Florence Executive Center I & II with 100,000 SF of office space. Overall, the Asset is situated within the heart of the corridor in Florence with many national retailers and the Florence Mall.

Investment Highlights


  • Tenant has over 9 years of remaining lease term with corporate guarantee
  • Absolute NNN lease with no landlord responsibilities
  • Visibility from Interstate 75 with over 171,000 VPD
  • Situated within Florence’s major retail trade area with other national retailers, including Lowe’s Home Improvement, Sam’s Club, Target and the Florence Mall
  • Located 5 miles south of the Cincinnati/Northern Kentucky International Airport and 11 miles south of downtown Cincinnati
  • In a retail submarket with a low market vacancy rate of 2.5%
  • 1-mile radius daytime population is 240% greater than 1-mile residential population
  • Significant intrinsic real estate value
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 430 Meijer Dr, Florence, KY 41042-5128
Land In Acres 4.89
Building Size 47,353  ft2
Financial
Price $15,800,000
Cap Rate 7.25%
Current NOI $1,145,918.00
Lease
Tenant's Name Fitness & Sports Clubs, LLC
Lease Type NNN
Annual Rent $1,145,918.00
Lease Expiration Date 01/18/2028
Remaining Term 8.7Yrs

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