A 38,000 square-foot retail building occupied by LA Fitness has been placed on the market in 4S Ranch, a master planned community in Northern San Diego. According to the listing by SRS National Net Lease Group, the property is being offered for $21.5 million, or about $565,000 per square foot.
Located at 16913 Dove Canyon Road, the property last traded hands in 2016, when it was acquired by Krikorian Premiere Theatres owner George Krikorian. Public records indicate the property was acquired for $17 million, or about $447 per square foot.
The property was initially built in 2005 and includes approximately 260 parking spaces. The building’s tenant, LA Fitness International LLC, began its 15-year lease at the property in the summer of 2021. According to the offering document, La Fitness’ lease includes three five-year lease extensions with 10 percent rent increases. Currently, the annual base rent totals $969,000.
Situated at Dove Canyon Road and Camino Del Norte, a main intersection of the 4S Ranch community, the building sees an average daily traffic volume of 25,168 vehicles. The intersection places the property near a large number of 4S Ranch’s office buildings, retail and dining amenities and residential spaces. The building is also just a short commute to Interstate 15.
The master planned community offers approximately 4,700 residences and several shopping centers, such as 4S Ranch Village Center and 4S Commons Town Center. Nearby are also a number of the area’s top employers, including Amazon, Hewlett-Packard, Sony, Caterpillar, Northrop Grumman and Apple.
The area is also home to a large population, with approximately 16,765 people within just one mile of the property. The average household income within one mile of the property is also $191,935 per year.
