REAL ESTATE

Blink Fitness pumps up expansion plans with 17-unit lease agreement

BY Jennifer Setteducato

While some retailers are shuttering doors, fitness chains are hardly breaking a sweat as malls and shopping centers are leveraging them as anchors to increase foot traffic.

Blink Fitness – a value gym brand that will have approximately 85 locations open and operating by the end of 2018 – and Seritage Growth Properties have formed a multi-property lease agreement that will bring 17 corporate and franchisee-owned gyms to major metropolitan areas across 10 states as part of the chain’s aggressive expansion plans.

Seritage is the publicly traded REIT that releases and redevelops Sears and Kmart stores.

“We are very pleased to establish this mutually beneficial relationship with Blink Fitness, a brand that exemplifies the differentiated, growing and in-demand retail concepts that are joining our national portfolio,” said Benjamin Schall, president and CEO of Seritage Growth Properties. “This lease is a perfect example of how our national portfolio can provide retailers unparalleled access to prime real estate in high growth markets.”

Blink Fitness plans to enter additional markets, including Georgia, Illinois, Massachusetts, Michigan and Virginia, over the next year or so, according to CEO Todd Magazine. He expects Blink to surpass the 300-unit mark over the next five years, with strategic multi-unit real estate deals helping drive this rapid growth.

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