LA Fitness
Springfield, MA
Key Details
| Price: | $14,965,000 |
|---|---|
| Cap Rate: | 6.50% |
| Annual Rent: | $972,667 |
| Address: | 1150 Hall of Fame Avenue, Springfield, Massachusetts 01105 |
| Property Type: | Retail |
| Lease Type: | Double Net (NN) |
Property Data
| Original Lease Term: | 30 Years |
|---|---|
| Lease Commencement: | 3/11/2008 |
| Lease Expiration: | 8/31/2038 |
| Lease Term Remaining: | 13.7 Years |
| Rental Increases: | Lesser of CPI % Increase or 10% (Every 5 years) |
| Lot Size: | 3.56 Acres |
| Building Size: | 74,978 SF |
| Year Built: | 2009 |
| Year Renovated: | 2025 (Estimated) |
NNN Pro is pleased to present the exclusive listing for a LA Fitness located at 1150 Hall of Fame Avenue, Springfield, Massachusetts 01105. The site consists of roughly 74978 rentable square feet of building space on an estimated 3.56-acre parcel of land. This LA Fitness is subject to a 30-year Double Net (NN) lease, which commenced 3/11/2008. The current annual rent is $972,667 and has scheduled increases of Lesser of CPI % Increase or 10% (Every 5 years).
About the Investment
- LA Fitness Showing Strong Commitment to the Site After an initial 15 year term, Fitness International, LLC recently renewed their lease by 15 years, showing their commitment to the site. Additionally, landlord holds a $800,000 deposit in escrow that LA Fitness intends to contribute towards a renovation in the near future. It is anticipated that Esporta will be rebranded as a LA Fitness during this renovation.
- Located at the Basketball Hall of Fame Entertainment Complex on the Connecticut Riverfront The subject property is strategically located adjacent to downtown Springfield, neighboring the Naismith Basketball Hall of Fame and MGM Springfield Casino, both of which attract an abundance of visitors from around the world. Additionally, the population within 5 miles of the subject property is over 234,880 individuals.
- Under Market Rent for the Law Firm The law firm Pellegrini, Seeley, Ryan & Blakesley, P.C. is currently under a gross lease and paying belowmarket rent. This gives the buyer potential for future upside by increasing the rent and converting to a triple net lease.
- LA Fitness is an Individual Unit as Part of a Larger Condominium Complex Subject to a Ground Lease The parcel represents one individual condominium unit as part of the larger “Springfield Riverfront Condominium” complex. The complex is subject to a 99-year ground lease held by the Springfield Riverfront Development Corporation, with the remaining term lasting Seventy-Five (75) years, expiring in 2099.
Key Details
| Price: | $14,965,000 |
|---|---|
| Cap Rate: | 6.50% |
| Annual Rent: | $972,667 |
| Address: | 1150 Hall of Fame Avenue, Springfield, Massachusetts 01105 |
| Property Type: | Retail |
| Lease Type: | Double Net (NN) |
Property Data
| Original Lease Term: | 30 Years |
|---|---|
| Lease Commencement: | 3/11/2008 |
| Lease Expiration: | 8/31/2038 |
| Lease Term Remaining: | 13.7 Years |
| Rental Increases: | Lesser of CPI % Increase or 10% (Every 5 years) |
| Lot Size: | 3.56 Acres |
| Building Size: | 74,978 SF |
| Year Built: | 2009 |
| Year Renovated: | 2025 (Estimated) |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Josh Kanter
jkanter@nnnpro.com
License: NY: 10401294056
Anthony D'Ambrosia
adambrosia@nnnpro.com
License: NY: 10401294012
Broker of Record
Brian Brockman
Bang Realty-New England, Inc
License: 1000169
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.