Crunch Fitness, Lawrenceville, GA
LAWRENCEVILLE, GA—SRS Real Estate Partners' National Net Lease Group has completed the $5.28 million sale of a freestanding 22,000-square-foot newly-constructed, single-tenant property occupied by Crunch Fitness in Lawrenceville, GA, a suburb of Atlanta. The property opened its doors in March 2018 and is absolute triple-net leased to the second largest Crunch Fitness franchisee for the growing brand, and is on a long-term 12.5-year lease term with extension options.
SRS managing principals Matthew Mousavi and Patrick Luther represented the seller, a local developer, as well as the buyer, a public REIT.
“With over 250 locations in 24 states and five countries, Crunch Fitness has experienced tremendous growth over the last several years, and plans are to continue expansion into new markets,” says Mousavi. “The site in Lawrenceville is a representative example of what the brand is seeking – new construction, and a highly visible and easily accessible free-standing location in a growing market. We received multiple offers, ultimately, selecting an all-cash buyer that was able to close within the seller's desired time frame.”
Situated on 3.4 acres of land along State Highway 124 at 1175 to 1185 Scenic Highway South, the property is within a thriving retail corridor that includes Walmart Supercenter, Sam's Club, Home Depot, Lowe's, Best Buy, Hobby Lobby, and AMC Theatres, among other national brands. Located in Gwinnett County, Lawrenceville, GA is a suburb of Atlanta, located approximately 30 miles northeast of downtown.
SRS's National Net Lease Group has completed more than 270 sales in 2017; so far this year, the group has more than 240 transactions sold or under contract across over 30 states throughout the country and currently has $1.2 billion is assets currently on listed for sale.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
