FRAZER, PA-A local franchisee of South Burlington, VT-based Planet Fitness signed a 10-year lease for approximately 15,600 sf at 271 W. Lancaster Ave. The aggregate value of the lease is in excess of $2 million, according to Steve Italiano, SVP and member of the area's CB Richard Ellis industrial/office services group.
Italiano represented the private real estate investment partnership that owns the multi-building complex. George Spaeder, VP at West Chester-based Tegler-Bush Real Estate, represented the tenant, aka Dan Horan, doing business as Pizzazz Fitness Enterprise LLC.
Italiano says Planet Fitness will open in the single-story, 78,000-sf building this summer. "The 20-foot ceiling is ideal for its fitness programs. In addition, the property has extensive exposure and direct access to Route 30 and is within minutes of Routes 100, 202 and 322." An additional 23,500 sf remains available, and Italiano says it is suitable for industrial or retail. Planet Fitness is a national franchise that specializes in low-price, fitness-only facilities.
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