24 Hour Fitness
Baskersfield, CA
24 Hour Fitness is the world’s largest (by memberships) privately owned and operated fitness center chain, and third in number of clubs behind Gold’s Gym and Fitness First of the UK. It currently has 400+ clubs, 18,000 employees in the United States, and an undisclosed number of employees working in a customer services call-center in the Philippines and another call center in Spokane, Washington. 24 Hour Fitness also employs a collections contracting company located in Jamaica.
The corporate office is located in San Ramon, California and a processing center is located in Carlsbad, California. The founder is Mark S. Mastrov, and the CEO is Chris Roussos. 24 Hour Fitness is currently owned by AEA Investors, a leader in the private equity industry; Ontario Teachers’ Pension Plan, Canada’s largest single-profession pension plan – and one of the world’s largest; and Fitness Capital Partners, a fund organized by Dean Bradley Osborne and Global Leisure Partners. It was acquired from the Company from Forstmann Little & Co in May 2014. 24 Hour Fitness operates a nutritional supplement company, Apex Fitness Group, which is also the distributor of the Bodybugg system. Their motto is “Improving lives through fitness.”
We are totally free
But, to keep our information exclusive, we require everyone to sign up.
LOGIN
- Real Estate Profile
- Company Profile
- Stock Charts
- News
S&P Outlook: N/R
Moody Outlook: N/R
Typical Lease Characteristics
Lease Term: 10-20 Years Years
Lease Type: NN (Landlord responsbible for roof and structure)
Lease Increases: 10% every 5 years
Lease Extensions: 2-3 (5) Year Options
Lease Guarantor: Corporate Guarantee
Tenant Overview
24 Hour Fitness is the world’s largest privately owned and operated fitness center chain, and third in number of clubs behind Gold’s Gym and Fitness First of the UK. It currently has 400+ clubs, 18,000 employees in the United States. The corporate office is located in San Ramon, California and a processing center is located in Carlsbad, California.
Lease terms typically range for 10-20 Years, often times with options to extend. Leases are typically NN, calling for landlord responsbility to adress roof and structure. One of the benefits to this tenant is that they are usually located in areas with high traffic counts, and strong demographics. However, the general size an charactaristics of their spaces make it often times difficult to re-tenant upon expiration, adding an additional element of risk when leases are short term.
Positives:
- Strong Corporate Tenant, within multiple competitive advantages
- Most locations in areas of high traffic counts and strong demographics
- Typically Long term leases with increases
Negatives:
- Unique buildout and large spaces make it more challenging to Re-tenant
- Many leases are NN, calling for landlord responsibility for roof and structure
- Private Corporate company. Not rated.
Market Snapshots:
On Market Ranges:
# of Properties in set: 1
Price: $5,200,000 - $5,200,000Average: $5,200,000
PPSF: $111 - $111Average: $111
Year Built: 1993 - 1993Average: 1993
CAP Rate Range: 10.00% - 10.00%Average: 10.00%
Size range: 46,658 sq ft - 46,658 sq ft Average: 46,658 sq ft
Last 12 Month Range:
# of Properties in set: N/AV
Price: N/AV - N/AVAverage: N/AV
PPSF: N/AV - N/AVAverage: N/AV
Year Built: N/AV - N/AVAverage: N/AV
CAP Rate Range: N/AV - N/AVAverage: N/AV
Size range: N/AV - N/AV Average: N/AV
24 Hour Fitness Company Profile
Headquarters Information
San Ramon, California
Founded in 1979
Company type: Private
Parent Company: AEA Investors
Sector: Fitness
Industry: Healthcare
# of Employees: 20,000