Planet Fitness Signs Three Deals in Chicago Burbs
Planet Fitness signed a lease for 20,800 square feet at the Shops at Schaumburg Court at Barrington and Schaumburg Roads in Schaumburg.
CHICAGO—Planet Fitness has signed three lease transactions totaling more than 60,000 square feet in Chicago’s northwest suburbs.
The deals reported by commercial brokerage firm CBRE were for retail spaces in Schaumburg, Des Plaines and Palatine. In each of the transactions, CBRE’s Joe Parrott, SVP of retail services, represented the landlord.
Planet Fitness signed a lease for 20,800 square feet at the Shops at Schaumburg Court at Barrington and Schaumburg Roads in Schaumburg. Schaumburg Court Ltd. Partnership is the landlord of the property, which has anchor tenants such as Home Depot and PetSmart.
In the second deal, Planet Fitness leased 20,764 square feet from PJR Properties at The Oaks in Des Plaines. Located at the intersection of Oakton and Lee streets, the retail development boasts tenants such as Goodwill and Butera Fruit Market.
In the final transaction, Planet Fitness leased 18,840 square feet in Palatine.
The Hampton, NH-based fitness chain reported last month that it opened 65 new Planet Fitness stores during the first quarter, bringing system-wide total stores to 1,806 as of March 31, 2019.
“Leasing activity continues to be strong for categories such as fitness and entertainment,” said Parrott. “As the retail landscape continues to evolve, we expect to see even more leasing activity from these users as they are proving to be stable tenants and excellent drivers of traffic. These three leases emphasize the prevalence of this expanding trend.”
He adds that available anchor space is at an all-time high in the Chicago area, with 15.7 million square feet available. However, activity remains strong, especially for non-traditional retail users, which represented 44% of leasing activity in 2018.