Planet Fitness Backfills Year-Long Vacant Space

Planet Fitness recently backfilled a rare large vacancy in Spring Town Center, a historically well-leased 500,000-square-foot development in Houston’s northern tier. The franchisee made a 10-year commitment for 25,550 square feet which will open by mid-January.

The space has been vacant about one year. NewQuest Properties considered several backfill options for the former Gordmans store.

“The NewQuest partners were really impressed with the Planet Fitness operator, who is one of the chain’s largest. It was a major decision for us because there is rarely a vacancy of this size available in Spring Town Center,” says Kevin Sims, an associate in the Houston-based brokerage firm. He and Andrew Alvis, a senior associate, lease the development.

NewQuest has regained 98 percent occupancy in the fully built-out project, which straddles nearly 60 acres on two corners at the junction of FM 2920 and Kuykendahl Road in Spring’s primary retail corridor. The remaining two pad sites total approximately 1 acre each and 2,800 square feet of inline space.

“This was the largest vacancy we’d had in several years. As for Planet Fitness, it was a hole in the market for the chain’s area franchisee,” says Sims.

Chris Pitts and Scott Gardner of Streetwise Retail Advisors represented the fitness center franchisee, who plans to ramp up membership presales in the near future. With the lease signed and permits in hand, tenant finish-out has begun.

Anchored by Walmart, a 12-screen Cinemark, Sprouts and Lowe’s, Spring Town Center services a five-mile trade area with more than 242,000 residents averaging $118,000 in annual income.

“This is a mature trade area with lots of new growth since the Grand Parkway opened,” Sims says. “Spring Town Center is well positioned to continue to be a NewQuest success story.”