Marcus & Millichap closed the sale of a 50,000-square-foot Planet Fitness on Chicago’s Northwest Side. The $11.5 million sales price comes out to $230 per square foot.
Eric Grad, an associate in Marcus & Millichap’s Philadelphia office, represented the seller, an owner and developer of Planet Fitness gyms internationally. The buyer, a national real estate investment trust, was procured by Harvey Schmidt, associate, along with senior associates Donovan Mackey and Dana Newton.
The property is located at 3120 North Pulaski Road in the Avondale trade area, about six miles from Chicago’s downtown business loop. More than 532,000 people live within a three-mile radius of the property. Nearby retailers include Walmart, Walgreens, Aaron’s, AutoZone, AT&T, Subway and Chase Bank.
