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|Remaining Term||9 years, 10 months|
JLL is pleased to offer for sale the single-tenant Emerald City Athletic Club, a premier fitness facility located in a major retail corridor in Monroe, Washington (Seattle MSA). The asset is a high-end fitness center strategically located within a highly trafficked and growing retail corridor just off of U.S. Highway 2. The property sits within a dynamic retail corridor with significant development activity and a robust lineup of retain tenants including Walmart Supercenter, Lowe’s, Safeway and Fred Meyer. Monroe has positioned itself as a highly-desirable Seattle suburb due to its low cost of living and direct access to Downtown Seattle for weekday commuters via WA-522.
With no nationally-branded health club operators in Monroe, the property has an unrivaled market share among Monroe’s 18,000 residents. Seattle’s 20% population growth since 2010 has directly impacted the surrounding suburbs, as evidenced by Monroe’s 10% population growth over that same period. Monroe’s population growth has fueled residential and retail development activity, including the recent addition of multiple gated residential communities. This offering provides a long-term, passive net lease investment opportunity located within an established retail market and surrounded by a rapidly growing residential community.
- Premier fitness facility in a highly-desirable suburb
- Absolute triple net lease with zero landlord responsibilities
- 10 years of remaining lease term and three, 5-year renewal options
- Rental increases of 10% every 5 years
- Annual population growth rate projected to outpace the national average over the next 5 years