Property Overview
I recently represented a franchisee in subleasing approximately 4,800 SF of retail space at 9904 Linn Station Rd, Louisville, KY 40223. My client, an Anytime Fitness franchisee, had leased 11,500 SF in Plainview Shopping Center but only needed about 6,700 SF for their gym’s optimal layout. I was tasked with subleasing the remaining space to another retailer.
Strategic Insights
I began marketing the space and quickly attracted interest from various users. After evaluating several potential tenants, we chose the operator of an indoor playground, believing it would complement my client’s gym business well.
Challenges Encountered
The transaction presented several build-out challenges:
- Construction Coordination: My client was actively constructing their gym space while we negotiated with the prospective tenant.
- Space & Infrastructure Planning: Before finalizing terms, we needed to confirm the delivery condition of the space, the infrastructure provided, utility locations, and how utilities would be split. This required coordinating with general contractors, tradespeople, engineers, and city inspectors to establish a viable plan post-leasing.
Negotiation & Outcome
Despite these complexities, we were able to address all concerns and finalize a lease agreement after some back and forth between the attorneys. The new tenant, Playground Abode, opened earlier this year and has seen early success. I’m glad I was able to help my client secure a strong co-tenant that not only subsidizes rent but also creates cross-promotion opportunities.
Conclusion
If you’re considering selling, buying, or leasing commercial property in Kentucky or Indiana, let’s connect! You can reach me at raphael@grisantigroup.com or call/text 502-536-7315.