We are pleased to present a rare opportunity to acquire a NNN leased Plant Fitness anchored retail center in Carlisle, PA along the nationally recognized Interstate I-81 highway corridor. The subject property was renovated in 2009 to accommodate a new +/- 18,000 SF fitness club and is currently subject to a 10 year lease extension that expires in 2022.
The free standing junior box encompasses an approximately 23,584 SF condo pad unit, and there are over 5 years of firm term remaining with (2) lease renewals taking the expiration date out until 2033. Planet Fitness has occupied the property since 2009, and its national franchisee operates 23 clubs in Pennsylvania, Delaware, North Carolina and South Carolina. Founded in 1992, Planet Fitness (NYSE: PLNT) headquartered in Dover, NH is one of the largest and fastest growing franchisors and operators of fitness centers in the United States, with over 10 million members and 1,300 stores in 48 states, Canada & Dominican Republic. For more information visit www.planetfitness.com.
The subject property is located in Carlisle, PA within the Walnut Bottom Town Center, adjacent to a 128,000 SF K-Mart superstore and junior tenants that include Members 1st, Holiday Hair, Inc., BB&T, and Central Penn Surgical Associates (CPSA), Inc. which benefits from the immediate proximity to the UPMC Pinnacle Hospital campus. In addition, CenturyLink telecommunications operates their regional corporate headquarters along Walnut Bottom Road near the site.
Carlisle Borough is the county seat of Cumberland County, Pennsylvania, United States. Carlisle is located within the Cumberland Valley and in 2010, Forbes rated Carlisle and Harrisburg the second-best place to raise a family. The U.S Army War College, located at the Carlisle Barracks ranks among the oldest U.S. Army installations and the most senior military educational institution in the United States. Carlisle Barracks is also home the United States Army Heritage and Education Center. Carlisle hosts Dickinson College and Penn State Dickinson School of Law. Ahold's U.S. headquarters for Giant Food Inc. are located in Carlisle.
The national franchisee is backed by Argonne Capital Group, which was founded in 2003 and is a private investment firm that seeks equity investments in a diverse range of middle market enterprises. The firm targets equity investments of $25 million to $100 million per transaction and additional information can be sourced at www.argonnecapital.com.