Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a fitness and sports facility located at 40014 10th Street West in Palmdale, California. The 18,000-square-foot property is leased to Planet Fitness. Stan Johnson Company’s Ronnie Givargis represented the seller, a private investor based in New York City, New York. The tenant acquired the asset for approximately $5.5 million.
“Once we presented the tenant with a rent versus mortgage payment analysis, the tenant was eager to make their first investment property purchase,” said Ronnie Givargis, Senior Director in Stan Johnson Company’s Newport Beach, California office. “We procured several offers from interested parties, but ultimately it made the most sense to sell to the tenant in this case.”
The property is situated on 2.4 acres in a northern suburb of Los Angeles and was built in 2017. Planet Fitness is the endcap to a three-tenant center occupied by Hobby Lobby and Dollar Tree and adjacent to national retailers including Walmart, Sam’s Club and Kohl’s. The tenant operates on a triple net lease that features rental increases and option periods.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $45 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.
