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| LA|Fitness, 620 North York Street, Elmhurst, IL |
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| Austin Blodgett |
ELMHURST, IL - Hanley
Investment Group Real Estate Advisors, a nationally-recognized real estate
brokerage and advisory firm specializing in retail property sales, arranged the
sale of a new single-tenant net-lease investment occupied by LA Fitness in an
off-market transaction. The property is located in the Chicago metro area in
Elmhurst, Illinois.
Hanley Investment Group
Associate Austin Blodgett and
Executive Vice President Eric Wohl
represented the seller on this transaction. The seller was a development
company based in the Chicago area and the buyer, which represented themselves,
was a publicly-traded REIT. The purchase price could not be disclosed.
Completed in late 2016,
the new 37,000-square-foot single-tenant building is situated on 4.8 acres at
620 North York Street in Elmhurst, Illinois, adjacent the I-290/Dwight D.
Eisenhower Expressway on/off-ramp in DuPage County. LA Fitness just executed a brand new 15-year
primary lease term with a number of options.
“This is a highly
visible/high traffic intersection located at the off-ramp of the I-290/York
Road exit in west suburban Elmhurst, adjacent a new Starbucks-anchored
multi-tenant building and near Mariano’s Fresh Market,” said Blodgett.
“Numerous quick-serve restaurants and other national and regional retailers are
in the area.”
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| Eric Wohl |
According to Blodgett,
“The sale of single-tenant health clubs has become a much more viable retail
investment alternative in today’s market.
Private and institutional investors are
seeing the value and security of the income stream from a single-tenant health
club, especially those leased to LA Fitness, one of the most successful private
retailers in the United States and the #1 health club in the nation.
Also, being that health clubs are a service
retailer, investors are turning to this product type to avoid investments that
may be impacted by Amazon in the very near future.”
LA Fitness has more than
690 locations in 32 states and Canada and is continuing to open more clubs from
coast to coast.
Wohl added that the number
of health clubs opening has increased as more people want to live a healthier
lifestyle. “Having a health club located close to where people live motivates
more people to work out, and at the rate that LA Fitness is growing these
health clubs will be accessible to nearly everyone in the country by just a
short drive away,” Wohl said.
Hanley Investment Group
Real Estate Advisors is a retail investment advisory firm with a $5 billion
transaction track record nationwide, who works closely with individual
investors, lending institutions, developers, and institutional property owners
in every facet of the transaction to ensure that the highest value is achieved.
For more information,
visit www.hanleyinvestment.com
.
For a
complete copy of the company’s news release, please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS,
INC.
830.997.0963
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