CBRE recently represented three separate landlords in leases to Planet Fitness for a combined 60,404 square feet in Chicago’s northwest suburbs. In each transaction, Joe Parrott, CRX, CLS, senior vice president at CBRE, represented the landlord.
At the Shops at Schaumburg Court, located at Barrington and Schaumburg Roads in Schaumburg, Illinois, Planet Fitness leased 20,800 square feet. Schaumburg Court Ltd. Partnership is the landlord of the property, which has anchor tenants such as Home Depot and Petsmart.
Planet Fitness also leased 20,764 square feet from PJR Properties at The Oaks in Des Plaines, Illinois. Located on the busy 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, Illinois.
According to Parrott, 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 percent of leasing activity in 2018.
“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.”
