CBRE|Martin negotiates Planet Fitness lease in Holt
Monday, June 20, 2016
Posted by: Eric Dimoff
CBRE|Martin is pleased to announce that Planet Fitness has leased 20,000 SF of space at Cedar Green located at 2380 Cedar Street in Holt, Mich.
Planet Fitness, the fast growing franchise with over 1,100 fitness clubs nationwide, will be leasing 20,000 SF of the former L&L Food Center. The owner of Cedar Green originally purchased the 12-acre plaza including the 33,000 SF food center in 2013 with the plan to develop it as a health-related community center. He transformed nearly 20,000 SF into a Medical Center housing a cardiovascular practice, primary and urgent care operation combined with a Sparrow Lab and a physical therapy service. Additional retail and office spaces are available for lease to qualified tenants.
"We are looking forward to opening our third Planet Fitness location in the Lansing area this fall. The response to Planet Fitness by the Lansing community has been overwhelming. We look forward to continuing to serve the area with our $10/month membership and our judgment free zone," said Thomas E. Purther, owner of Cambridge Investors, LLC.
Planet Fitness plans to draw 35,000-45,000 visitors per month which will transform a mostly vacant center since 2011. The fitness club plans to hire 15 to 20 employees and managers.
CBRE|Martin Senior Vice President of Brokerage Services, Shawn O’Brien, represented the tenant, Cambridge Fitness of Holt, LLC, in the transaction. Once renovations are complete, Planet Fitness estimates it will open by September 2016.
"Shawn O'Brien of CBRE/Martin has been great to work with. In the last five years, Shawn has found us three perfect locations to serve our Lansing area members," added Purther.