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San Diego Planet Fitness Sells for Record Cap Rate
SRS Real Estate Partners’ National Net Lease Group (NNLG) has completed the $8.15 million sale of a 17,000-square-foot retail property in San Diego. The single tenant building on Scranton Road sold at a 4.90% cap rate, a national record low for a Planet Fitness-occupied property, according to SRS NNLG. The buyer was a Southern California based-based family partnership, who paid all-cash.
“At the entrance of the Sorrento Mesa hub, this asset offers the new ownership a prime San Diego infill location with a direct customer base for Planet Fitness to draw from,” said SRS NNLG Managing Principal Matthew Mousavi. “The demand from investors for fitness property is back, and this record-breaking low cap rate sale is testament to that.”
Mousavi, along with the firm’s Patrick Luther represented the seller, a SoCal-based retail property owner and operator. SRS’ Investment Properties Group and NNLG have now sold over 465 properties in 2022.
- ◦Sale/Acquisition
