VENTURA, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a newly renovated single-tenant property now occupied by Planet Fitness adjacent to Ventura College in Ventura, California. The sale price was $6.4 million.
Hanley Investment Group's Executive Vice Presidents Bill Asher and Jeff Lefko, and President Ed Hanley represented the seller, an affiliate of MJL Capital Partners, LLC, based in Beverly Hills, California. The buyer, a private investor from Ventura, was represented by Brian Hughes, also based in Ventura.
"We procured a local all-cash buyer based in Ventura and closed escrow before the tenant was open for business and paying rent," noted Asher.
The 24,600-square-foot building leased to Planet Fitness is located on a 1.46-acre parcel at 5171 Telegraph Road in Ventura, California. The investment features a new 12.5-year triple-net lease with one of the leading Planet Fitness franchisees in the U.S. -- 70 locations with plans to grow to over 100.
Planet Fitness Inc. (NYSE: PLNT) is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by the number of members and locations. The chain has more than 2,400 locations in all 50 states and the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia. Planet Fitness has continued to spread its unique mission of enhancing people's lives by providing an affordable, high-quality fitness experience in a welcoming, non-intimidating environment.
The fitness industry is expected to grow to 172% to $435 billion between now and 2028.
The Planet Fitness location on Telegraph Road benefits from a strong customer base that pulls from the adjacent Ventura College (over 14,500 students and faculty) and Foothill Technology High School (over 1,000 students); also, Buena High School (a half-mile from the property with 1,858 students) and El Camino High School (0.3 miles away with 298 students); Pacific View Mall, the largest mall in the county (1.5 miles from the property); Government Center (1.2 miles from the property with 8,000 employees); and Medical Wellness District (two miles from the property; anchored by two newly constructed, state-of-the-art hospitals each undergoing major capital improvement projects totaling $630 million). There are 161,691 people within a five-mile radius of the property; within a one-mile radius, the average household income is $117,744.
The property is situated located near State Route 126 (Santa Paula Freeway) and U.S. Highway 101 (Ventura Freeway), connecting the Ventura to Los Angeles and Santa Barbara, as well as the Santa Clarita and San Fernando valleys and the High Desert of the Antelope Valley.
In 2020, Hanley Investment Group arranged the sale of Campus Corner, an 8,957-square-foot five-tenant retail pad building anchored by a Starbucks Drive-Thru (with a custom 15-car stack tunnel drive-thru facility) and Jersey Mike's Subs adjacent to Planet Fitness. Campus Corner shares the signalized intersection of Day Road and Telegraph Road with the 112-acre Ventura College.
"The sale of Planet Fitness in Ventura is a prime example of how passive, non-1031 exchange investors in today's market will seek to place available capital into 'flight-to-quality' commercial real estate as an alternative to the volatility of the stock market," said Asher.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $10 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.
For more information, visit www.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
Country: United States