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.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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