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Thursday, Mar 28, 2024

Planet Fitness Inks Anchor Lease in Simi

Gym chain Planet Fitness Inc.

has signed a 10-year lease to take over a 22,400-square-foot vacancy at Sycamore Square Shopping Mall in Simi Valley. Financial terms of the lease were not disclosed.The fitness center will become one of four anchors at the mall, joining Hobby Lobby, discount retailer Ross and CVS pharmacy. It fills a space previously occupied by Walmart Inc.

at 2801 Cochran St.Radius Commercial Real Estate represented Planet Fitness in the transaction, with Vice President Rob Devericks and Senior Vice President Bill Hagelis negotiating the deal.New leases in the fitness sector have been few and far between during the pandemic as gyms have been deemed high-risk businesses and have been subject to long shutdowns and strict regulations that limit revenue. Two of Planet Fitness’ biggest competitors in the industry, 24 Hour Fitness and Gold’s Gym, filed for Chapter 11 reorganization in May and June, respectively. 24 Hour Fitness closed 18 gyms in Southern California, including locations in Simi Valley, Glendale and Palmdale.

Devericks said in a statement Planet Fitness is positioning itself to succeed when regulations are finally lifted.“The execution of this lease is a statement of confidence in the local economy by the tenant,” he said.

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