Planet Fitness Signs 10-Year Lease in Simi Valley

Gym chain Planet Fitness has inked a 10-year lease to take over a 22,400-square-foot vacancy at Sycamore Square Shopping Mall in Simi Valley. Financial terms of the lease were not disclosed.The fitness center will become one of four anchors at the mall, joining Hobby Lobby, discount retailer Ross and CVS pharmacy. It fills a space previously occupied by Walmart at 2801 Cochran St.Radius Commercial Real Estate represented Planet Fitness in the transaction, with Vice President Rob Devericks and Senior Vice President Bill Hagelis negotiating the deal.Deals in the fitness sector have been few and far between during the pandemic as gyms have been deemed high-risk businesses and have been subject to long shutdowns. Devericks said in a statement the Planet Fitness lease is a good sign for Simi Valley moving forward.“The execution of this lease is a statement of confidence in the local economy by the tenant at a time when some retailers are still suffering the effects of coronavirus,” Devericks said.