30 Jul 2018
Blink Fitness accelerates expansion with multi-site deal with US property trust
BY Tom Walker
Budget operator Blink Fitness has signed a multi-unit lease deal with real estate investment trust (REIT) Seritage Growth Properties.
The deal will see 17 corporate and franchisee-owned gyms being launched at major metropolitan areas across 10 US states and is a part of Blink Fitness' aggressive strategic growth strategy.
"At a time when many retailers are shutting their doors, Blink is thriving," said Todd Magazine, CEO of Blink Fitness.
"Seritage recognised our strengths and was eager to find real estate opportunities for us across the country as we continue to grow our footprint.
"Our partnership with Seritage is one of the many exciting real estate initiatives driving our rapid national expansion."
Launched in 2011, Blink Fitness currently operates 70 company-owned locations across New York, New Jersey, Pennsylvania and California, and has a number of additional corporate- and franchisee-owned locations in various stages of development in major US markets.
Magazine added that Blink will have more than 85 locations open and operating by the end of 2018, and will enter additional markets over the next year.
He also expects Blink to surpass the 300-unit mark over the next five years, with further multi-unit deals helping to drive growth.
Founded in 2015, Seritage Growth Properties is a publicly-traded REIT with 225 wholly-owned properties and 24 joint venture properties.
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