Objectomschrijving
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in the single tenant 24 Hour Fitness located at 1000 Lake Plaza Drive in Spring, Texas (“Property” or “Asset”). 24 Hour Fitness is one of the largest fitness chains in the country with more than 3.0 million members across nearly 300 locations in 11 states.
The Asset is 100% leased to 24 Hour Fitness (“Tenant”) with approximately 11.5 years remaining of primary lease term and three, five-year renewal options with various rent escalations. 24 Hour Fitness also recently completed a successful financial restructuring process in late 2020. The company has eliminated $1.2 billion of funded debt, focused operational efforts on its strongest locations, and has tremendously improved the health of its balance sheet.
City Place is home to the global headquarters of American Bureau of Shipping, Hewlett Packard Enterprise, and Southwestern Energy. ExxonMobil’s 385-acre Global Headquarters sits adjacent to the Asset with more than 10,000 employees across 14 office buildings. Other notable employers in the area include HP, Insperity, Evonik, Twin Eagle, and Huckabee.
Located along Interstate 45 and Grand Parkway, the Property has direct access to over 346,000 vehicles per day and an affluent residential base with average household incomes of $123,000. The area has experienced rapid population growth of 55% since 2010 within a 1-mile radius. City Place was home to 21,000 jobs in 2023 and is projected to grow to more than 30,000 jobs in 2024.
This unique opportunity allows investors the ability to acquire institutional-quality real estate in an infill, fundamentally strong and highly affluent Spring market. The asset offers secure, long-term cash flow backed by one of America’s leading fitness chains.
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STRONG LOCATION
Unmatched positioning amidst Houston’s dominant corporate headquarters hub. The Asset is positioned within City Place, a fully integrated, 2000-acre mixed-use development and one of Houston’s most inspired new master-planned communities. City Place features 14.0 million square feet of commercial office space, 750,000 square feet of retail space, 590 hotel rooms, 3-multifamily complexes with 942 total units and 2 single-family communities with 139 total properties.
LOYAL TENANT
NN fee simple lease with 3, 5-year renewal options remaining after its primary term expires in 11.5 years. 24 Hr Fitness is one of the largest fitness chains in the U.S and this location is seeing substantial growth in membership base. In 2020, 24 Hr Fitness successfully eliminated $1.2 billion of funded debt, greatly improving the health of its balance sheet.
PROXIMITY TO WOODLANDS
24 Hour Fitness benefits from its proximity to the Woodlands; one of the nation’s most prominent cities to live. Ranked #1 in Best City to Buy a House, #2 Best City to Raise a Family and #3 Best City to Live in the U.S in 2023.
GROWING DEMOGRAPHICS
The asset is ideally situated in an area that has seen an impressive 55% increase in population within a 1-mile radius from 2010-2023. This location also has a daytime population of 13,889 within a 1-mile radius and increases to 47,718 within a 3-miles.
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