Newport Beach, CA (November 2, 2020) – SRS Real Estate Partners has announced the $6.3 million acquisition of a 38,000-square-foot (sf) retail building located at 2705 Santa Rosa Avenue in Santa Rosa, CA.
SRS Real Estate Partner’s Scott Landgraf, Amber Edwards and Sarah Edwards represented the buyer, DiLorenzo Santa Rosa Real Estate, LLC. The seller was represented by CBRE and Meridian Commercial.
The property is located within Santa Rosa Southside Shopping Center, a 126,552-sf center with other tenants including REI, Cost Plus World Market, and DSW, among others. The property is ideally located in the Santa Rosa market with highway 101 visibility and sits in the heart of the regional retail corridor in south Santa Rosa.
“Our buyer client intends to immediately work on giving the building a new modern façade and renovating the interior to serve as a two-tenant property,” said Landgraf. “The new ownership, a Planet Fitness development group for the region, will locate Planet Fitness in the western half of the building facing highway 101. The remaining space already has interest from a number of national brands.”
Landgraf added that Planet Fitness is anticipated to occupy between 18,000 and 22,000 sf at the site with move-in anticipated for late 2021. “We had been seeking an ideal space for a Planet Fitness location within this local market for several years and we immediately identified it as a prime opportunity when it was brought to market. This locations provides Planet with exceptional freeway visibility, proximity to regional retail centers, and a significant parking field.”
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.