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|Last Updated Date||26 Jun 2020|
JLL is pleased to offer for sale a single-tenant property leased to LA Fitness, located in Houston, TX. The lease offers a corporate guaranty from Fitness International, the largest health club operator in the United States with over 700 locations. The property underwent extensive renovations in 2018 and is well-located within an established retail thoroughfare along Gessner Road (30,000 VPD), approximately 16 miles northwest from downtown Houston.
Houston is ranked as the number one metro for economic growth potential, the fourth largest and one of the most diverse cities in the United States. Located on a strong retail corridor with leading brands including Kroger, H-E-B, Walgreens, Starbucks and more, this offering presents the opportunity to acquire a newly renovated property on a long-term net lease located within a dynamic Houston market.
• Fee simple interest
• Lease term of 15 years with limited landlord responsibilities
• Rental increase of 7.5% every 5 years with three 5-year renewal option periods
• Largest revenue generating non-franchised health club with $2.09 billion annually
• Population of over 285,500 residents within a 5 mile radius of the property
• Median age of 35 with average annual household income of $105,000