Planet Fitness & Institute of Technology 1755 Hilltop Dr 58,640 SF 100% Leased Retail Building Redding, CA 96002 $9,915,000 ($169.08/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- 100% Occupied | 2-Tenant Big Box | Scheduled Rent Increases | NNN Leases
- Dense Retail Corridor | Strong National/Credit Tenant Presence
- Excellent Visibility and Access | Quick Access to On/Off Ramp to I-5 and State Highway 44
- Strong Demographics In 5-Mile Trade Area
EXECUTIVE SUMMARY
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 2-tenant big-box, 100% occupied, Planet Fitness & Institute of Technology investment property located in Redding, California. Planet Fitness has just signed a 10-year lease with 2 (10-year) options to extend, featuring scheduled rent increases every 5 years. Institute of Technology recently executed a 5-year option with another extension option remaining. Both tenants operate under NNN leases, limiting expense leakage for a future investor. Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States, with over 2,250 locations. Institute of Technology has been one of the primary postsecondary education in the western U.S. since 1986.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
58,640 SF
Building Class
C
Year Built
1983
Price
$9,915,000
Price Per SF
$169.08
Cap Rate
7%
NOI
$694,080
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.21
Lot Size
6.41 AC
Zoning
GC-VR-BH - General Commercial - Visitor Retail - Building Height Overlay District
Parking
5.56 Spaces per 1,000 SF Leased
Frontage
AMENITIES
- Freeway Visibility
- Signage
- Monument Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 107-310-029-000 | Improvements Assessment | $4,154,896 |
| Land Assessment | $1,450,730 | Total Assessment | $5,605,626 |
