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Patrick Forkin

Baum Realty Group, LLC

Office Phone: 312-275-3117

Cell Phone: 312-275-3117

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Published on: Friday, March 6, 2015 1:32:39 AM
Updated on: Monday, March 9, 2015 10:26:17 PM
Purchase with B2B
Purchase with B2B
 Purchase with Business to Business
Quick Glance

Listing ID: CL-Illinois-40998

Status: Accepting Offers

Financing: No Financing Available

Occupancy: 100%

Year Build: 1996

 

Building Size: 15,100 SqFt

Lot Size: 1 Acre

No of Stories: 1

No of Parking: 110

Business Available for Sale: No

Is Net Lease Investment: No

Property On Ground Lease: Yes

Building Status: Existing

 Details

Offer to Millionaire Club: No

Listing Summary: Planet Fitness is a privately held gym operator that was started in 1992 and features 855 locations nationwide, with the vast majority being franchise locations. Additionally, there are over 30 locations in the Chicagoland area. Planet Fitness operates a low cost business model, with memberships starting at only $10 per month. Also, the gym operator prides itself on serving novice and casual gym users through a “Judgment Free Zone.” This policy aims to make every user feel comfortable in a gym environment. Planet Fitness has grown dramatically since its inception in 1992. In May 2014, the company reached over 5 million members and over 800 locations nationwide. In 2013, Planet Fitness recorded revenue of $211 million, which was a 129% increase since 2010. Planet Fitness has also been included on the Inc. 5000 list of the fastest-growing private companies in America since 2008.

Acquisition Option Selected: Traditional Purchase

Cap Rate (%): 7.5

Commission Split (%): 0

Complete Details


Year Build: 1996

Building Size: 15,100 SqFt.

No of Stories: 1

Total Lot Area: 1.37 Acre

No of Parking: 110

No of Total Units: 1

Property Current Status: Normal Sale

Building Status: Existing

Heating and Cooling: Heating and Cooling

Building Class: Not Specified

Property on Ground Lease?: Yes

Net Lease Investment?: No

Business Price Included?: Yes

Roofing: Metal

Occupancy: 100%

Full Description


Planet Fitness is located at 2300 S. Cicero Avenue (32,900 VPD), in between West Cermak Road (29,900 VPD) and West Ogden Avenue (23,700 VPD). The building occupies 15,100 square feet of space with a total land area of approximately 1.37 acres. The building was built in 1996, with a retrofit / renovation in 2010, and has 110 parking spaces. The subject property is adjacent from the 289,333 SF Hawthorne Works Shopping Center, anchored by AMC Showplace Cicero 14 and Cermak Produce grocery store. Menards is directly south of the subject property. The subject property benefits from being the only Planet Fitness franchise within a two mile radius and has minimal immediate competition; there are only three gyms within Cicero’s boundary. The nearest competition outside of Cicero is about 2 miles away, giving Planet Fitness a great opportunity to capture a large market share in the community. The property benefits from extremely convenient access to the Chicago ‘L’ Pink Line Cermak station, as it is just a quarter mile north of the site and has an annual passenger volume of over 335,000. The subject property sits within a strong retail corridor along S. Cicero Avenue, which has over 44,000 VPD. National retailers within a half mile include: The Home Depot, Sam’s Club, Aldi, Walgreens, Bank of America, Aarons, US Bank, and GNC, among others.

Additional Properties


Property Highlights
  • The Eisenhower Expressway (I-290) is 1.5 miles north and the Stevenson Expressway (I-55) is 2 miles south. Both highways combine for over 387,000 VPD.
  • Chicago is one of the most densely populated U.S. cities, with close to 12,000 people per square mile.

Attached Documents


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