Planet Fitness in Buckeye Sells Net-Leased for $3.65 Million
BUCKEYE, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Planet Fitness, a 20,091-square foot double-net-leased property located in Buckeye, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,650,000 ($182 PSF).
Mark Ruble, Jamie Medress and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Planet Fitness is located at 1341 South Watson Road in Buckeye, Arizona in the city’s dominant retail corridor, just under one mile from Interstate-10. The property, built in 2019, is situated on 4.72 acres at the intersection of West Yuma Road and South Watson Road where it sees nearly 40,000 vehicles per day. Approximately five miles away is the Verrado Master-Planned Community that will include 7,000 homes, ensuring more traffic to the property in the upcoming years. The tenant, the largest Planet Fitness franchisee, operates over 120 locations and just signed a brand-new 15-year lease.