JLL Net Lease Advisory is pleased to exclusively offer a premier net lease opportunity to acquire a fee simple interest in a single tenant property leased to American Family Fitness (the “Property”) in Glen Allen, VA. American Family Fitness is locally owned and operated and has nine locations throughout central Virginia. They have been at this location since 2014 and have 10 years remaining on their lease with rental increases in the primary term. The Company offers an array of membership plans to its customers and provides athletic courts, pools, gyms and yoga studios in their locations. Being just fifteen minutes from Richmond, VA, which has a population of over 1 million people, the location attracts customers from both the city and the suburbs. This population density is attractive, especially due to the fact that the 100,000+ people that live within a 5 mile radius of the Property earn, on average, about $100,000 per year. Additionally, American Family Fitness is surrounded by nationally recognized tenants such as: JCPenney, Burlington Coat Factory, Kay Jewelers and Victoria’a Secret, driving customers to the area.
- American Family Fitness has over 10 years remaining of an initial 15-year lease term with rental increases in the primary term
- American Family Fitness is locally owned and operated with strong brand recognition in all nine of its locations across central Virginia
- Glen Allen, VA is less than a twenty-minute drive to Richmond, VA –a city with a population over 1 million and a #24 ranking among the best places to live by US News and World Report 2017
- Just two hours from the Nation’s capital, the Richmond, VA economy is driven by law, finance, and government with notable government agencies and banking firms located in the downtown area