24 Hour Fitness on Marketplace
Dave Hagglund of CB Richard Ellis represented the lessee of the Deal of the Week. Bill Neece of Neece Commercial represented the lessor.
The deal was a leasehold by 24 Hour Fitness of 37,945 square feet of retail space at 355 Marketplace Ave. in San Diego. The 15-year lease is valued at $13,927,148. The lessor is PDP Imperial Partners LLC.
The 24 Hour Fitness building will be constructed in the Imperial Marketplace shopping center and is scheduled for completion in summer 2009.
Anchored by Home Depot (NYSE: HD) and 99 Cents Only, the 275,000-square-foot center also includes Navy Federal Credit Union, KFC, Sizzler and Starbucks (Nasdaq: SBUX).
Hagglund has negotiated leases for 24 Hour Fitness over the past 18 months, including a 15-year lease for 35,000 square feet at 324 Sycamore Ave. in Vista worth approximately $11.5 million, and an 11-year lease for 14,700 square feet at the southwest corner of Rose Street and Valley Parkway in Escondido worth approximately $4 million.
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