Landmark is pleased to present a rare opportunity to acquire a NNN leased retail center in
Carlisle, PA. The tenants include Planet Fitness and UPMC Central PA Surgical
Associates. The 24,584 SF retail center is a condo pad site in Walnut Bottom Towne
Center which is located along the nationally recognized Interstate I-81 corridor. Planet
Fitness recently completed a tenant-funded renovation of their +/- 18,000 SF fitness center
and executed a new five (5) year extension in 2022 which confirms the strength of this
locations performance. In addition, UPMC recently executed a new four (4) year lease that
commences Q2 2023 for their 3,500 SF space which includes the right of first option to
expand into the adjacent 2,252 SF vacant space.
Planet Fitness, which has occupied the property since 2009, has 5 years of firm term
remaining with an additional lease renewal option taking the expiration out until 2033.
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 2,039 locations in the United States, Canada,
Dominican Republic, Panama, Mexico, and Australia. For more information visit
www.planetfitness.com. The national franchisee operator of this location, National
Fitness Partners (NFP), operates more than 105 clubs in Pennsylvania, Delaware, North
Carolina, South Carolina, West Virginia, Virginia, Maryland, Washington DC, & Ohio, and has
their headquarters in a neighboring Cumberland County submarket. NFP is backed by
Argonne Capital, a private equity firm in Atlanta, GA.
UPMC Central Pennsylvania Surgical Associates is a part of the University of Pittsburgh
Schools of the Heath Sciences (UPMC). UPMC is a $24 billion world-renowned health
care provider and insurer that is based in Pittsburgh, PA. They are the largest nongovernment
employer in Pennsylvania and has over 92,000 staff members and 840
academic, community, hospital, specialty, and office locations. The subject property is
strategically located adjacent to the UPMC Carlisle Hospital Campus which offers strong
synergy for the tenants' practice.