The Subject Property is a 47,634 square foot net leased LA Fitness and an adjacent 3,526 square foot retail bay on 7.22 acres in Ocoee, Florida, part of the Orlando MSA. The property was constructed in 1993 and totally renovated and attractively landscaped in 2008. LA Fitness occupies over 93% of the GLA offering ease of management to the owner. LA Fitness has a new 15 year lease which commenced in August 2008 and has rent increases equal to the lesser of the CPI or 10% every 5 years during the base and option terms.
LA Fitness is in a major retail corridor. Publix and Winn Dixie anchored shopping centers and Walgreens share the intersection. LA Fitness is contiguous to a fully occupied CVS anchored shopping center. The area surrounding the property has seen explosive growth of 54% between the 1990-2000 Census and is projected to grow by more than 10% for the next 5 years
