SRS Real Estate Partners has facilitated the acquisition of a 38,000-square-foot retail property in Santa Rosa, Calif. A Planet Fitness development group purchased the asset for $6.3 million. The SRS team of Principal Scott Landgraf and First Vice Presidents Amber Edwards and Sarah Edwards represented the buyer, while CBRE and Meridian Commercial worked on behalf of the seller.
According to Landgraf, the new owner plans to renovate the facade and interior and convert the building into a two-tenant structure. Planet Fitness is set to occupy between 18,000 and 22,000 square feet in the western part of the property, with move-in planned for the end of 2021.
Located at 2705 Santa Rosa Ave., the property is centrally situated in a South Santa Ana retail corridor, with Highway 10 visibility. Additionally, it is part of the 126,552-square-foot Santa Rosa Southside Shopping Center, where Cost Plus World Market, REI and Bed Bath & Beyond are among the tenants.
Earlier this year, SRS closed the $10.3 million sale of a Walmart in Tuscaloosa, Ala. The buyer purchased the 41,921-square-foot retail asset as part of a 1031 exchange.