ROYAL OAK, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 45,000-square foot LA Fitness (top left photo) in Royal Oak. The sales price of $12,375,000 represents $275 per square foot. Mark Thiel (middle right photo) a senior associate in Marcus & Millichap’s San Diego office, represented the buyer, a Southern California-based private family trust. Jonathon Dwoskin (lower left photo), regional manager of the firm’s Detroit office, is Marcus & Millichap’s broker of record in Michigan.
“There are more than 19 years remaining on the primary term of this rare absolute triple-net LA Fitness lease,” says Thiel.
“Rent commenced in September 2010 and extends through September 2030 with three five-year renewal options. Rent increases every five years are based on the lesser of the percentage increase in CPI over the preceding five-year period or 10 percent,” continues Thiel. “The lease requires the tenant to report financials once a year at the landlord’s request.”
The property is located at 25352 Woodward Ave. in Royal Oak, just north of the Interstate 696 interchange and approximately 10 miles north of downtown Detroit.
The property is bordered by the entrance to the Detroit Zoo, which attracts more than one million visitors per year and is the largest family attraction in the state of Michigan.
The Royal Oak LA Fitness was built in 2010 on 3.3 acres. The building features a unique ground-level parking structure with both outdoor and covered parking. There are a total of 289 parking spaces throughout the property, which allows for multiple types of reuse.
LA Fitness is a privately owned American health club chain with more than 360 clubs and millions of members across 21 U.S. states and in Canada.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
1 comment:
Wow, what a sale, hope X members find a NEW fitness Location. You guys should post some alternative gyms in the area. Do you have a blog, that give alternative locations to such sales and business moves?
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