1560 E Silver Star Rd
Ocoee, FL 34761

The Subject Property is a 51,189 square foot building, 93 percent occupied by a 47,634 square foot net leased LA Fitness and an additional 3,555 square foot vacant retail bay, on a 7.22 acre parcel in suburban Orlando (Ocoee), Florida. There are currently more than 218,358 people in a five mile radius of this asset. The average household income for those living within one mile of the property is $75,163. Combined traffic counts average over 35,879 vehicles per day. This suburban Orlando area is projected to grow by almost 10 percent in the next five years. The property is contiguous to a CVS anchored shopping center whose tenants include Little Caesars, Great Clips and State Farm Insurance. McDonald’s, Salon Centric and Boost Mobile are outparcels to the center. LA Fitness is on a major thoroughfare. A Publix anchored shopping center and Walgreens share the intersection with the subject. It is located approximately 2 miles from West Oaks Mall, the over 1 million square foot regional shopping mall anchored by Dillard’s, JC Penney, AMC Theaters and Bed Bath and Beyond. Citrus County Elementary, Kid’s Community College and the West Oaks Branch library are located across the street. The property was constructed in 1993 and totally renovated in 2008. The roof was replaced in 2018. Parking ratios are 4.9/1,000 square feet. The building was originally an Albertson’s Supermarket, offering amenities of a traditional retail footprint. LA Fitness is one of the top fitness club operators in the nation with 693 locations and annual sales over $2 billion. This is a corporate lease. Fitness in the US markets has grown into a $34 billion industry. The largest gym going demographic is 20-64 years old. 61 percent of the population within five miles of the property are in that range. The fitness industry is growing at a rapid rate. 81 percent of millennials currently exercise or would like to but the industry is expected to continue to flourish in the next five years as baby boomers because more health-conscious due to age. The LA Fitness lease commenced in 2008 and has five years remaining. This double net lease has rent increases equal to the lesser of the CPI or 10 percent every five years during the base term and three five-year option terms. Landlord is responsible for roof and structure. This asset is offered for $11,977,000 with an 7.75 percent cap on income in place for the LA Fitness, with the additional retail bay included.