BROOKLYN PARK, MN-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of an LA Fitness net-leased asset, a 45,000-rentable square foot free-standing fitness center in Brooklyn Park. The sales price of $10.45 million represents $232 per square foot.
In conjunction with Solomon Poretsky, regional manager of the Minneapolis office of Marcus & Millichap, Patrick Weibel and Robert Bender, investment specialists in the firm’s Detroit office, represented the seller, Solomon Real Estate Group of Eden Prairie Minn. Marcus & Millichap also represented the buyer, Cole Capital from Phoenix.
“This property was an excellent opportunity for the buyer to acquire a net-leased Class A asset in a high-growth, high-income market,” says Weibel.
“Due to strong demographics and the growth of the Brooklyn Park market, it can be assumed that LA Fitness will be profitable and highly successful for decades to come,” adds Bender.
Located at 6600 96th Lane, LA Fitness is one of the anchor tenants in the Park Place Promenade, (top right photo) a 65-acre retail development situated in the northwest quadrant of the Interstate 610 and Zane Avenue intersection. Park Place Promenade is part of a master-planned community that includes more than 300 housing units.
Additionally, there are more than 3,300 new homes underway within a three-mile radius and a $1.75 billion Target, Inc. operations center that is forecast to create 30,000 new jobs.
Built in 2007, LA Fitness will operate under a 15-year absolute triple-net lease with rent escalations every five years. There are three five-year options to extend the lease, all of which have the same scheduled rent escalations.
Press Contact: Stacey CorsoCommunications Department
(925) 953-1716
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