Monday, July 23, 2018

Marcus & Millichap Brokers $6.7 Million Sale of 29,343-SF Fitness Facility in Cape Coral, FL


Around the Clock Fitness, Cape Coral, FL

Jim Shiebler

 

CAPE CORAL, FL,  July 23, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Around the Clock Fitness, a 29,343-square foot net-leased property located in Cape Coral, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $6,775,000.
Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.                            
“Through the power of Marcus & Millichap’s massive national platform and access to the largest qualified buyer pool, we were able to source multiple offers for the sale leaseback opportunity. 

James Garner
"Ultimately, we selected a large institutional investment company from Arizona which demonstrates M&M’s ability to access and import capital from coast to coast. The transaction went from contract to close in 23 days and sold for 98% of list price.” says Mr. Shiebler.
            Around the Clock Fitness is a 24-hour fitness club located in Cape Coral, Florida. The building, professionally remodeled in 2017, boasts over 29,000 square feet of affordable luxury fitness equipment and amenities. Amenities include group fitness classes such as Zumba, spinning, Yoga, personal training, group training, Tribe Training, CrossFit, Kids Zone and a 24-hour Juice Bar.

James Medefind
Around the Clock Fitness is located in the heart of Cape Coral, just west of the center of Fort Myers. 
There is a local population of over 100,000 people within a five-mile radius of the property and a median age of 38.5 years. 
These demographics are ideal for this tenant and makes this investment opportunity attractive to nearly all investors. 
Around the Clock Fitness is located at 1141 SW Pine Island Rd in Cape Coral, Fla. 




For more information, please contact:


Ari Ravi
Regional Manager, Tampa
(813) 387-4700


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