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Planet Fitness

225 Columbia Mall Dr. Bloomsburg, PA

planet

Price: 

$1502277

Cap:

7.98%

NOI:

$120000

Square Footage:

23,766

Lot Size:

0 Acres

Year Built/Remodeled:

2011

PENNSYLVANIA BROKER OF RECORD: REALTY MARK ASSOCIATES

Property Description: 

Capital Commercial Partners is pleased to bring to the market this Planet Fitness located at the Columbia Mall in Bloomsburg, PA. The investment offers an above market return with 7 years remaining on an original 10.5 year lease with 5% rent increase in October 2022. The improvements made to the space are in excess of $500,000 including roof & HVAC. The franchisee operates 51 locations in 5 states and has successfully operated at this location for 4+ years.

The mall is undergoing a complete transformation with Geisinger Health Systems developing a $500-$600M new hospital, orthopedic surgery center, assisted living, welcome center, and parking garage all surrounding the mall.

The property is in close proximity to Bloomsburg University with a student enrollment of approximately 9,600 students with a storied history being founded in 1839. It’s the 3rd largest of the 14 universities in Pennsylvania. It made the list of top universities in the northern region according to U.S. News and World Reports annual rankings.

Bloomsburg is located in Columbia County and is 40 miles from Wilkes-Barre. It’s the county seat and the only incorporated town in PA.

This is a unique opportunity for an investor to acquire a great location, excellent return, tremendous upside with the mall redevelopment, and at a price per square foot at a fraction of the replacement cost of $58.30

Investment Highlights:

7 years remaining on existing 10.5 year lease with 5% increase in October 2022
Tenant operates 51 units
$500k+ in improvements including roof & HVAC
Located in Columbia Colonnade Mall
Geisinger Health Systems is building a new $500--$600M development surrounding the mall.

Financial Summary:

All Cash

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