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Planet Fitness, Smithfield, NC

Planet Fitness

Smithfield, NC

Price $2,827,000
Cap Rate 6.65%
NOI $188,000
Lease Term 15 Years
Lease Type Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance Excluding Roof, Structure, Exterior And Parking Lot
Rental Increases $1.00 PSF Rental Increases Every Five (5) Years
Year Built Contact For Details
Building Size 23,500 SF
Lot Size 2.33 Acres (101,482 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 11-YEAR NET LEASE TO MAJOR FITNESS FRANCHISEE
» New 11-year net lease to one of the largest franchisees in the Planet Fitness systems (80+ locations)
» $1.00 PSF rental increases every five years, providing a hedge against inflation
» Planet Fitness is one of the largest fitness center operators in the United States with over 2,000 locations nationwide
» North Carolina is One of Planet Fitness’ Strongest States

HIGH-TRAFFIC LOCATION IN DENSELY POPULATED AND AFFLUENT AREA
» 24,000 AADT directly in front of the property on North Brightleaf Boulevard
» 28,919 residents within a five-mile radius of the property
» Central location in a robustly affluent area, with an average household income of $80,137 within a one-mile radius of the site
» Projected 15 percent AHI increase within one mile of the site in the next five years, poising Planet Fitness and the Smithfield location for significant concurrent growth
» North Carolina is the 4th fastest growing state behind only Texas, Florida and Arizona

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Central location near many of the area’s major employers including Walmart (1,450 employees) and Sysco (500 employees).
» Surrounded by major national retailers including Walmart, Lowe’s, Belk, CVS, Taco Bell, McDonald’s, Chick-fil- A, and many others
» Within one mile of the Smithfield Outlet Mall with more than 80 stores and thousands of square feet of retail space

NEW 2020 REMODEL
» 2020 remodel to the tenant’s latest prototype



Property Description

The subject property is strategically located along North Brightleaf Boulevard, the primary retail corridor in Smithfield, with excellent access and visibility to 24,000 vehicles per day directly in front of the property. The subject property has convenient access to Highway 70 Bypass, 32,500 vehicles per day, and Interstate 95, 46,500 vehicles per day. The property is located next to a Lowe’s Home Improvement and surrounded by major national retailers including Walmart, Belk, CVS, Taco Bell, McDonald’s, Chick-fil-A, Dunkin and many others. The subject property is also within one mile of the Smithfield Outlets with thousands of square feet of retail space and over 80 stores.

The property additionally benefits from its proximity to many of the area’s major employers including Johnston Health (1,750 employees), Walmart (1,450 employees), Johnston Community College (665 employees) and Sysco (500 employees). The surrounding area is affluent and densely populated with 28,919 residents within five miles of the property and an average household income over $80,000 within one mile of the property. North Carolina is the 4th fastest growing state behind only Texas, Florida and Arizona.

Contact Us About This Property

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